Alps Advisors Inc. Has $2.86 Million Position in Reddit Inc. $RDDT

Alps Advisors Inc. cut its holdings in Reddit Inc. (NYSE:RDDT) by 33.4% during the third quarter, Holdings Channel.com reports. The firm owned 12,448 shares of the company’s stock after selling 6,234 shares during the quarter. Alps Advisors Inc.’s holdings in Reddit were worth $2,863,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in RDDT. Resona Asset Management Co. Ltd. grew its position in shares of Reddit by 53.2% in the third quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock valued at $7,166,000 after purchasing an additional 10,743 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Reddit by 880.5% in the 2nd quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company’s stock worth $14,255,000 after purchasing an additional 85,020 shares during the period. Optimize Financial Inc purchased a new position in Reddit during the 3rd quarter valued at about $1,420,000. Plato Investment Management Ltd increased its position in shares of Reddit by 120.2% during the second quarter. Plato Investment Management Ltd now owns 2,970 shares of the company’s stock valued at $446,000 after buying an additional 1,621 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of 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 buying an additional 7,881 shares in the last quarter.

Analyst Ratings Changes

RDDT has been the topic of several recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 target price on shares of Reddit in a research note on Friday. Weiss Ratings reissued a “hold (c-)” rating on shares of Reddit in a research note on Monday, December 29th. Robert W. Baird set a $200.00 target price on Reddit in a research note on Friday. Evercore ISI set a $290.00 price objective on Reddit and gave the stock an “outperform” rating in a report on Friday. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $240.93.

Reddit Price Performance

NYSE:RDDT opened at $141.73 on Tuesday. The company has a market capitalization of $26.86 billion, a price-to-earnings ratio of 54.10, a PEG ratio of 0.96 and a beta of 2.18. The business has a 50 day moving average of $219.59 and a 200 day moving average of $215.59. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, February 5th. The company reported $1.24 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 22.03%. The firm had revenue of $725.61 million for the quarter, compared to the consensus estimate of $665.80 million. During the same period last year, the firm posted $0.36 earnings per share. The business’s revenue was up 69.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.

Insider Buying and Selling at Reddit

In related news, insider Benjamin Seong Lee sold 3,320 shares of the firm’s stock in a transaction that occurred on Friday, January 9th. The stock was sold at an average price of $260.22, for a total transaction of $863,930.40. Following the transaction, the insider directly owned 62,608 shares in the company, valued at $16,291,853.76. This trade represents a 5.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 27,159 shares of the business’s stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $225.73, for a total value of $6,130,601.07. Following the completion of the sale, the chief operating officer owned 1,157,369 shares of the company’s stock, valued at $261,252,904.37. The trade was a 2.29% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 509,511 shares of company stock valued at $111,375,265. 34.25% of the stock is currently owned by insiders.

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.