Swiss National Bank Buys 89,800 Shares of Reddit Inc. $RDDT

Swiss National Bank increased its stake in Reddit Inc. (NYSE:RDDT) by 42.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 299,500 shares of the company’s stock after acquiring an additional 89,800 shares during the quarter. Swiss National Bank’s holdings in Reddit were worth $68,882,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Reddit in the 2nd quarter valued at about $294,254,000. Vanguard Group Inc. increased its position in shares of Reddit by 12.9% during the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after acquiring an additional 1,401,293 shares during the period. Amundi raised its stake in shares of Reddit by 2,060.5% during the second quarter. Amundi now owns 1,307,231 shares of the company’s stock valued at $208,294,000 after acquiring an additional 1,246,725 shares in the last quarter. State Street Corp raised its stake in shares of Reddit by 138.5% during the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after acquiring an additional 1,178,890 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Reddit by 72.1% in the second quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company’s stock valued at $299,044,000 after purchasing an additional 833,245 shares during the period.

Reddit Stock Up 2.3%

Shares of NYSE:RDDT opened at $137.24 on Thursday. The firm has a 50 day moving average of $181.75 and a 200 day moving average of $206.15. The company has a market capitalization of $26.22 billion, a price-to-earnings ratio of 52.38, a price-to-earnings-growth ratio of 0.98 and a beta of 2.40. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The business had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. During the same quarter last year, the firm earned $0.36 EPS. The business’s revenue for the quarter was up 69.7% on a year-over-year basis. On average, sell-side analysts expect that Reddit Inc. will post 1.12 EPS for the current year.

Insider Activity

In related news, CAO Michelle Marie Reynolds sold 2,291 shares of the firm’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $143.59, for a total transaction of $328,964.69. Following the sale, the chief accounting officer owned 17,133 shares of the company’s stock, valued at $2,460,127.47. This trade represents a 11.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $145.12, for a total value of $2,612,160.00. Following the completion of the transaction, the chief executive officer owned 411,195 shares in the company, valued at $59,672,618.40. This trade represents a 4.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 433,335 shares of company stock worth $89,139,359 over the last ninety days. 34.25% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RDDT. Wall Street Zen cut Reddit from a “buy” rating to a “hold” rating in a research note on Saturday, March 7th. Cantor Fitzgerald decreased their target price on Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Jefferies Financial Group dropped their price target on Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a research report on Tuesday. China Renaissance began coverage on Reddit in a research note on Tuesday, December 9th. They set a “buy” rating and a $300.00 price target on the stock. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. One equities 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 given a Sell rating to the company. According to data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and an average target price of $236.00.

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.