Los Angeles Capital Management LLC Has $22.59 Million Stake in Reddit Inc. $RDDT

Los Angeles Capital Management LLC lifted its position in shares of Reddit Inc. (NYSE:RDDT) by 995.9% during the 4th quarter, HoldingsChannel reports. The fund owned 98,287 shares of the company’s stock after purchasing an additional 89,318 shares during the period. Los Angeles Capital Management LLC’s holdings in Reddit were worth $22,593,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Huntington National Bank boosted its holdings in shares of Reddit by 25.6% during the 3rd quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after acquiring an additional 55 shares in the last quarter. Institute for Wealth Management LLC. lifted its holdings in Reddit by 6.1% during the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock worth $246,000 after buying an additional 62 shares during the period. Roxbury Financial LLC lifted its holdings in Reddit by 7.4% during the 4th quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after buying an additional 64 shares during the period. Florida Financial Advisors LLC lifted its holdings in Reddit by 6.7% during the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after buying an additional 68 shares during the period. Finally, IFP Advisors Inc lifted its holdings in Reddit by 9.9% during the 3rd quarter. IFP Advisors Inc now owns 796 shares of the company’s stock worth $183,000 after buying an additional 72 shares during the period.

Insider Transactions at Reddit

In other news, COO Jennifer L. Wong sold 39,167 shares of Reddit 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 transaction, the chief operating officer directly 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of Reddit 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 transaction, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at approximately $5,787,686.71. This trade represents a 28.75% decrease in their ownership of the stock. 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 ninety days, insiders sold 250,499 shares of company stock valued at $38,515,283. Corporate insiders own 28.48% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on RDDT. Piper Sandler reaffirmed an “overweight” rating and set a $215.00 target price (up from $205.00) on shares of Reddit in a report on Friday, May 1st. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $200.00 target price on shares of Reddit in a report on Friday, May 1st. Wells Fargo & Company lifted their target price on Reddit from $149.00 to $176.00 and gave the stock an “equal weight” rating in a report on Friday, May 1st. DA Davidson reaffirmed a “buy” rating and set a $200.00 target price on shares of Reddit in a report on Friday, May 1st. Finally, Raymond James Financial set a $180.00 price objective on shares of Reddit and gave the stock a “market perform” rating in a research report on Friday, May 1st. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $230.75.

Reddit Trading Down 0.0%

RDDT stock opened at $173.37 on Monday. The stock has a 50-day moving average price of $153.12 and a 200-day moving average price of $177.29. Reddit Inc. has a 1-year low of $110.85 and a 1-year high of $282.95. The firm has a market cap of $33.37 billion, a PE ratio of 49.53 and a beta of 1.91.

Reddit (NYSE:RDDT) last posted its quarterly earnings data 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. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. During the same period last year, the company posted $0.13 EPS. The business’s quarterly revenue was up 69.1% on a year-over-year basis. On average, analysts forecast that Reddit Inc. will post 4.83 earnings per share for the current year.

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.