13,495 Shares in Reddit Inc. $RDDT Bought by Fortem Financial Group LLC

Key Points

• Fortem Financial Group LLC purchased 13,495 Reddit shares during the second quarter, valued at approximately $2.34 million. Other major investors, including Vanguard, State Street, Invesco, Capital World Investors and Norges Bank, also hold or expanded significant positions.
• Analysts maintain a positive outlook, with Reddit receiving a consensus “Moderate Buy” rating and an average price target of $220.90; recent targets include Truist’s increase to $275 and Loop Capital’s $260 objective.
• Reddit exceeded quarterly expectations, reporting $1.25 in earnings per share versus a $0.95 estimate and $804.91 million in revenue, up 61% year over year. Shares opened at $153.46, well below their 52-week high of $282.95, while insiders have sold $28.46 million worth of stock over the past three months.

Fortem Financial Group LLC bought a new position in shares of Reddit Inc. (NYSE:RDDT - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 13,495 shares of the company's stock, valued at approximately $2,342,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Capital World Investors bought a new stake in shares of Reddit in the fourth quarter worth about $1,293,258,000. Norges Bank bought a new position in shares of Reddit during the 4th quarter valued at about $372,047,000. Invesco Ltd. lifted its holdings in shares of Reddit by 419.0% during the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company's stock valued at $342,212,000 after purchasing an additional 1,201,237 shares in the last quarter. State Street Corp lifted its holdings in shares of Reddit by 138.5% during the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company's stock valued at $305,678,000 after purchasing an additional 1,178,890 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Reddit by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company's stock valued at $3,062,339,000 after purchasing an additional 1,083,540 shares during the period.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on RDDT shares. Truist Financial increased their target price on Reddit from $265.00 to $275.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Rothschild & Co Redburn set a $110.00 price target on shares of Reddit in a report on Monday, April 27th. Loop Capital reissued a "buy" rating and set a $260.00 price objective on shares of Reddit in a research report on Thursday, June 4th. Citigroup restated a "market outperform" rating on shares of Reddit in a report on Friday, July 31st. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $200.00 price objective on shares of Reddit in a research report on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, Reddit presently has a consensus rating of "Moderate Buy" and a consensus target price of $220.90.

Reddit Price Performance

Shares of NYSE RDDT opened at $153.46 on Thursday. The business has a 50-day moving average of $175.72 and a 200-day moving average of $160.12. The stock has a market capitalization of $29.53 billion, a price-to-earnings ratio of 35.69, a PEG ratio of 0.52 and a beta of 2.03. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The business had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. During the same quarter in the prior year, the company posted $0.45 earnings per share. Reddit's revenue was up 61.0% on a year-over-year basis. On average, sell-side analysts expect that Reddit Inc. will post 5.22 EPS for the current year.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $158.52, for a total value of $6,208,752.84. Following the completion of the sale, the chief operating officer owned 1,088,451 shares in the company, valued at $172,541,252.52. This trade represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of Reddit stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total transaction of $161,600.00. Following the completion of the transaction, the chief accounting officer directly owned 15,060 shares of the company's stock, valued at approximately $3,012,000. This trade represents a 5.09% decrease in their position. 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. Over the last three months, insiders have sold 169,141 shares of company stock worth $28,464,485. Insiders own 28.48% of the company's stock.

About Reddit

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source