Mediolanum International Funds Ltd Grows Stake in Reddit Inc. $RDDT

Mediolanum International Funds Ltd lifted its holdings in shares of Reddit Inc. (NYSE:RDDT) by 67.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 30,019 shares of the company’s stock after acquiring an additional 12,089 shares during the period. Mediolanum International Funds Ltd’s holdings in Reddit were worth $3,726,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in RDDT. Ascentis Independent Advisors purchased a new position in Reddit in the first quarter valued at approximately $30,000. LOM Asset Management Ltd purchased a new stake in shares of Reddit during the 4th quarter worth approximately $33,000. Geneos Wealth Management Inc. lifted its position in shares of Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Reddit in the 1st quarter valued at $43,000. Finally, Summit Securities Group LLC acquired a new position in shares of Reddit in the 4th quarter valued at $46,000.

Reddit Trading Up 0.5%

Shares of RDDT opened at $182.08 on Tuesday. The stock’s 50 day moving average is $173.23 and its two-hundred day moving average is $168.93. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95. The firm has a market capitalization of $35.05 billion, a PE ratio of 52.02 and a beta of 1.93.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.39. The company had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm’s revenue for the quarter was up 69.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.13 earnings per share. On average, sell-side analysts predict that Reddit Inc. will post 4.85 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on RDDT shares. Jefferies Financial Group set a $250.00 price target on shares of Reddit in a research note on Friday, July 10th. Raymond James Financial set a $180.00 target price on Reddit and gave the stock a “market perform” rating in a research report on Friday, May 1st. Bank of America decreased their target price on Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a research report on Thursday, April 2nd. Loop Capital restated a “buy” rating and set a $260.00 price target on shares of Reddit in a research note on Thursday, June 4th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $200.00 price target on shares of Reddit in a research report on Monday. Nineteen analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and a consensus target price of $232.48.

Insider Buying and Selling at Reddit

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $173.13, for a total transaction of $3,116,340.00. Following the sale, the chief executive officer owned 373,814 shares of the company’s stock, valued at $64,718,417.82. This trade represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,166 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total value of $6,930,032.04. Following the sale, the chief operating officer directly owned 1,050,339 shares in the company, valued at approximately $185,846,982.66. The trade was a 3.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 169,141 shares of company stock worth $28,680,845. 28.48% of the stock is owned by insiders.

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.