Royal London Asset Management Ltd. Grows Stock Position in Reddit Inc. $RDDT

Royal London Asset Management Ltd. grew its stake in Reddit Inc. (NYSE:RDDT) by 4.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 87,337 shares of the company’s stock after buying an additional 4,061 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Reddit were worth $15,160,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Sunbelt Securities Inc. lifted its holdings in Reddit by 87.5% in the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after acquiring an additional 91 shares during the period. Ascentis Independent Advisors acquired a new position in shares of Reddit in the 1st quarter valued at $30,000. EverSource Wealth Advisors LLC boosted its holdings in Reddit by 48.1% during the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after buying an additional 64 shares in the last quarter. Beacon Investment Advisory Services Inc. acquired a new stake in Reddit during the second quarter valued at $35,000. Finally, Geneos Wealth Management Inc. grew its position in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after buying an additional 286 shares during the period.

Reddit Stock Performance

NYSE RDDT opened at $152.63 on Monday. The business has a fifty day moving average price of $171.76 and a 200 day moving average price of $158.51. The company has a market cap of $29.37 billion, a P/E ratio of 35.50, a P/E/G ratio of 0.51 and a beta of 2.04. Reddit Inc. has a one year low of $119.27 and a one year high of $282.95.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, July 30th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.30. The business had revenue of $804.91 million during the quarter, compared to analyst estimates of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The company’s revenue for the quarter was up 61.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.45 earnings per share. As a group, sell-side analysts predict that Reddit Inc. will post 5.27 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 808 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total value of $161,600.00. Following the transaction, the chief accounting officer directly owned 15,060 shares of the company’s stock, valued at $3,012,000. This trade represents a 5.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 75,000 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $178.55, for a total value of $13,391,250.00. Following the transaction, the chief operating officer owned 1,050,339 shares in the company, valued at approximately $187,538,028.45. This represents a 6.66% decrease in their ownership of the stock. 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. Insiders have sold a total of 192,102 shares of company stock worth $33,710,892 in the last quarter. Insiders own 28.48% of the company’s stock.

Analysts Set New Price Targets

RDDT has been the subject of a number of analyst reports. Wedbush decreased their price objective on shares of Reddit from $250.00 to $221.00 and set an “outperform” rating for the company in a research report on Friday, July 31st. Guggenheim restated a “buy” rating on shares of Reddit in a research note on Friday, July 31st. Cantor Fitzgerald reduced their price target on Reddit from $200.00 to $170.00 and set a “neutral” rating for the company in a report on Friday, July 31st. Morgan Stanley lowered their price target on Reddit from $240.00 to $210.00 and set an “overweight” rating on the stock in a research report on Friday, August 21st. Finally, Loop Capital reissued a “buy” rating and issued a $260.00 price objective on shares of Reddit in a report on Thursday, June 4th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $221.10.

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.