Vinva Investment Management Ltd Raises Holdings in Reddit Inc. $RDDT

Vinva Investment Management Ltd increased its position in Reddit Inc. (NYSE:RDDT) by 75.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 8,459 shares of the company’s stock after acquiring an additional 3,641 shares during the quarter. Vinva Investment Management Ltd’s holdings in Reddit were worth $2,047,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Raiffeisen Bank International AG purchased a new stake in Reddit during the third quarter valued at about $25,000. GW&K Investment Management LLC purchased a new position in shares of Reddit in the third quarter worth about $30,000. Cornerstone Planning Group LLC increased its stake in shares of Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Reddit by 8,650.0% in the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after purchasing an additional 173 shares during the period. Finally, Cloud Capital Management LLC purchased a new stake in shares of Reddit during the 3rd quarter valued at approximately $47,000.

Analyst Upgrades and Downgrades

Several research analysts recently commented on RDDT shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Reddit in a report on Friday, February 6th. Wall Street Zen cut shares of Reddit from a “buy” rating to a “hold” rating in a report on Saturday. Weiss Ratings restated a “hold (c-)” rating on shares of Reddit in a research report on Monday, December 29th. Truist Financial raised their price target on Reddit from $270.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Finally, Guggenheim lifted their price target on Reddit from $245.00 to $255.00 and gave the company a “buy” rating in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $238.78.

Reddit Trading Down 0.4%

Shares of NYSE:RDDT opened at $138.82 on Tuesday. The company has a 50 day moving average of $185.60 and a 200 day moving average of $207.22. The stock has a market cap of $26.52 billion, a P/E ratio of 52.98, a P/E/G ratio of 1.01 and a beta of 2.41. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The business had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. During the same period in the prior year, the company posted $0.36 EPS. The business’s revenue for the quarter was up 69.7% compared to the same quarter last year. On average, equities analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In related news, insider Benjamin Seong Lee sold 55,005 shares of the business’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $221.21, for a total transaction of $12,167,656.05. Following the completion of the transaction, the insider directly owned 62,608 shares in the company, valued at $13,849,515.68. The trade was a 46.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $220.28, for a total value of $3,965,040.00. Following the transaction, the chief executive officer owned 448,576 shares of the company’s stock, valued at approximately $98,812,321.28. The trade was a 3.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 423,835 shares of company stock valued at $87,842,134. Corporate insiders own 34.25% of the company’s stock.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.