Reddit Inc. $RDDT Position Lifted by Robeco Institutional Asset Management B.V.

Robeco Institutional Asset Management B.V. raised its holdings in Reddit Inc. (NYSE:RDDT) by 74.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 809,063 shares of the company’s stock after acquiring an additional 345,735 shares during the quarter. Robeco Institutional Asset Management B.V. owned 0.42% of Reddit worth $115,243,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. Prime Capital Investment Advisors LLC lifted its stake in shares of Reddit by 60.7% in the third quarter. Prime Capital Investment Advisors LLC now owns 4,352 shares of the company’s stock valued at $620,000 after purchasing an additional 1,644 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Reddit by 34.3% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 25,367 shares of the company’s stock worth $3,613,000 after buying an additional 6,482 shares in the last quarter. SteelPeak Wealth LLC purchased a new stake in Reddit during the third quarter worth about $1,880,000. TD Waterhouse Canada Inc. grew its position in Reddit by 3.6% during the third quarter. TD Waterhouse Canada Inc. now owns 7,600 shares of the company’s stock worth $1,137,000 after buying an additional 261 shares during the period. Finally, Shelton Wealth Management LLC grew its position in Reddit by 382.8% during the third quarter. Shelton Wealth Management LLC now owns 11,578 shares of the company’s stock worth $1,649,000 after buying an additional 9,180 shares during the period.

Reddit Stock Down 1.4%

NYSE:RDDT opened at $153.40 on Thursday. The company has a market capitalization of $29.51 billion, a PE ratio of 35.67, a price-to-earnings-growth ratio of 0.72 and a beta of 2.05. Reddit Inc. has a 52-week low of $119.27 and a 52-week high of $263.50. The stock has a fifty day simple moving average of $154.14 and a 200-day simple moving average of $162.05.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $0.95 by $0.30. The business had revenue of $804.91 million for 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 business’s revenue for the quarter was up 61.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.45 EPS. As a group, equities analysts anticipate that Reddit Inc. will post 5.27 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Huffman sold 18,000 shares of the firm’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $178.16, for a total transaction of $3,206,880.00. Following the completion of the transaction, the chief executive officer directly owned 373,814 shares in the company, valued at approximately $66,598,702.24. This trade represents a 4.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert Sauerberg sold 5,128 shares of Reddit stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $159.92, for a total transaction of $820,069.76. Following the transaction, the director owned 27,087 shares of the company’s stock, valued at approximately $4,331,753.04. The trade was a 15.92% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 306,052 shares of company stock worth $49,754,523. 28.48% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of research analyst reports. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $180.00 target price on shares of Reddit in a report on Friday, July 31st. Zacks Research lowered Reddit from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 25th. Oppenheimer decreased their price target on Reddit from $225.00 to $200.00 and set an “outperform” rating on the stock in a research note on Friday, July 31st. Citigroup restated a “market outperform” rating on shares of Reddit in a report on Wednesday, October 14th. Finally, Jefferies Financial Group set a $250.00 price objective on Reddit in a research note on Friday, July 10th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $219.29.

Reddit Company Profile

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and activities. Members can submit text posts, links, images and videos, as well as comment on and vote on content. The platform includes thousands of communities, commonly known as subreddits, covering subjects such as news, entertainment, technology, sports, finance and lifestyle.

Reddit generates revenue primarily through digital advertising, offering advertisers access to audiences based on community interests and user engagement.