Lord Abbett & CO. LLC Buys 293,743 Shares of Reddit Inc. $RDDT

Lord Abbett & CO. LLC lifted its stake in Reddit Inc. (NYSE:RDDT) by 30.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,263,529 shares of the company’s stock after buying an additional 293,743 shares during the period. Reddit comprises 0.9% of Lord Abbett & CO. LLC’s portfolio, making the stock its 18th biggest holding. Lord Abbett & CO. LLC’s holdings in Reddit were worth $290,447,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Raiffeisen Bank International AG bought a new stake in shares of Reddit in the third quarter valued at about $25,000. GW&K Investment Management LLC bought a new stake in shares of Reddit in the third quarter valued at about $30,000. LOM Asset Management Ltd bought a new stake in shares of Reddit in the fourth quarter valued at about $33,000. Noble Wealth Management PBC bought a new stake in shares of Reddit in the fourth quarter valued at about $34,000. Finally, Sound Income Strategies LLC bought a new stake in shares of Reddit in the fourth quarter valued at about $47,000.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RDDT. Cantor Fitzgerald increased their target price on shares of Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. The Goldman Sachs Group reiterated a “neutral” rating and issued a $200.00 target price on shares of Reddit in a research note on Friday, May 1st. DA Davidson reiterated a “buy” rating and issued a $200.00 target price on shares of Reddit in a research note on Friday, May 1st. Piper Sandler reiterated an “overweight” rating and issued a $215.00 target price (up from $205.00) on shares of Reddit in a research note on Friday, May 1st. Finally, Jefferies Financial Group reduced their target price on shares of Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Eighteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $230.75.

Reddit Stock Down 6.4%

Shares of RDDT opened at $162.11 on Friday. The stock has a market cap of $31.21 billion, a price-to-earnings ratio of 46.32 and a beta of 1.91. Reddit Inc. has a 12 month low of $112.30 and a 12 month high of $282.95. The company has a 50-day moving average price of $157.38 and a two-hundred day moving average price of $176.88.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. The firm had revenue of $663.41 million during the quarter, compared to analysts’ expectations of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The company’s revenue for the quarter was up 69.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.13 earnings per share. Equities research analysts expect that Reddit Inc. will post 4.83 EPS for the current fiscal 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 shares were sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the completion of the transaction, the chief operating officer owned 1,088,451 shares in the company, valued at $175,752,182.97. This trade represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $174.13, for a total transaction of $3,134,340.00. Following the transaction, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $65,092,231.82. This represents a 4.59% 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. Insiders sold a total of 232,499 shares of company stock worth $36,123,803 over the last quarter. Company insiders own 28.48% of the company’s stock.

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.