Mitsubishi UFJ Asset Management Co. Ltd. Grows Holdings in Reddit Inc. $RDDT

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Reddit Inc. (NYSE:RDDT) by 5.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 122,581 shares of the company’s stock after purchasing an additional 6,647 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Reddit were worth $29,651,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Resona Asset Management Co. Ltd. increased its stake in Reddit by 53.2% in the third quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock worth $7,166,000 after purchasing an additional 10,743 shares during the period. Vanguard Group Inc. increased its stake in Reddit by 12.9% in the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after purchasing an additional 1,401,293 shares during the period. Optimize Financial Inc purchased a new stake in Reddit in the third quarter worth $1,420,000. WT Asset Management Ltd purchased a new stake in Reddit in the third quarter worth $92,973,000. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Reddit by 95.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock worth $3,712,000 after purchasing an additional 7,881 shares during the period.

Reddit Price Performance

RDDT opened at $155.74 on Friday. The business’s 50-day moving average is $145.45 and its two-hundred day moving average is $183.43. Reddit Inc. has a 1 year low of $94.89 and a 1 year high of $282.95. The firm has a market capitalization of $29.75 billion, a PE ratio of 44.50, a price-to-earnings-growth ratio of 0.95 and a beta of 1.85.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. During the same quarter in the previous year, the firm earned $0.13 earnings per share. The firm’s quarterly revenue was up 69.1% compared to the same quarter last year. As a group, sell-side analysts expect that Reddit Inc. will post 4.78 EPS for the current year.

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the firm’s stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $161.47, for a total value of $6,324,295.49. Following the completion of the sale, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at approximately $175,752,182.97. This trade represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the firm’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total value of $2,335,385.00. Following the completion of the sale, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at approximately $5,787,686.71. This represents a 28.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders acquired 61,000 shares of company stock worth $8,870,815 and sold 298,441 shares worth $43,966,159. 34.25% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

RDDT has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their target price on Reddit from $149.00 to $176.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Zacks Research upgraded Reddit from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. Cantor Fitzgerald upped their price objective on shares of Reddit from $170.00 to $180.00 and gave the stock a “neutral” rating in a research note on Friday, May 1st. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $200.00 price objective on shares of Reddit in a research note on Friday, May 1st. Finally, JPMorgan Chase & Co. dropped their target price on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and an average target price of $228.61.

Reddit 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.