288,802 Shares in Reddit Inc. $RDDT Purchased by Thrivent Financial for Lutherans

Key Points

• Thrivent Financial for Lutherans disclosed a new fourth-quarter position in Reddit, buying 288,802 shares valued at about $66.4 million.
• Reddit’s latest quarterly results topped expectations, with EPS of $1.01 versus $0.62 expected and revenue of $663.4 million, up 69.1% year over year.
• Analysts remain mostly positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $228.61, while Reddit shares recently traded at $158.44.

Thrivent Financial for Lutherans acquired a new position in shares of Reddit Inc. (NYSE:RDDT - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 288,802 shares of the company's stock, valued at approximately $66,387,000. Thrivent Financial for Lutherans owned approximately 0.15% of Reddit as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of RDDT. Vanguard Group Inc. grew its stake in Reddit by 12.9% during the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company's stock worth $2,814,734,000 after buying an additional 1,401,293 shares in the last quarter. Invesco Ltd. grew its holdings in Reddit by 419.0% during the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company's stock worth $342,212,000 after acquiring an additional 1,201,237 shares during the last quarter. State Street Corp grew its holdings in Reddit by 138.5% during the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company's stock worth $305,678,000 after acquiring an additional 1,178,890 shares during the last quarter. Federated Hermes Inc. bought a new stake in Reddit during the 3rd quarter worth approximately $165,246,000. Finally, AQR Capital Management LLC acquired a new position in shares of Reddit in the 2nd quarter worth approximately $80,052,000.

Reddit Stock Up 1.4%

NYSE RDDT opened at $158.44 on Friday. The firm's 50-day simple moving average is $146.48 and its two-hundred day simple moving average is $181.56. Reddit Inc. has a 52 week low of $94.89 and a 52 week high of $282.95. The company has a market cap of $30.50 billion, a PE ratio of 45.27 and a beta of 1.85.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating 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 for the quarter, compared to analysts' expectations of $607.74 million. During the same period in the prior year, the business posted $0.13 earnings per share. The company's revenue was up 69.1% on a year-over-year basis. As a group, equities research analysts anticipate that Reddit Inc. will post 4.83 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Evercore reissued an "outperform" rating and issued a $290.00 price objective on shares of Reddit in a research report on Friday, February 6th. JPMorgan Chase & Co. reduced their price target on shares of Reddit from $227.00 to $200.00 and set a "neutral" rating for the company in a research report on Friday, February 6th. Robert W. Baird set a $200.00 price target on shares of Reddit in a research report on Friday, February 6th. Morgan Stanley set a $240.00 price objective on shares of Reddit in a report on Friday, February 6th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $285.00 price objective on shares of Reddit in a report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $228.61.

Insider Buying and Selling

In related news, Director Sarah E. Farrell purchased 10,500 shares of the firm's stock in a transaction dated Friday, March 13th. The shares were purchased at an average cost of $132.26 per share, for a total transaction of $1,388,730.00. Following the completion of the transaction, the director directly owned 61,000 shares in the company, valued at approximately $8,067,860. This represents a 20.79% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 15,500 shares of the company's stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the completion of the transaction, the chief technology officer owned 38,413 shares in the company, 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 have sold 268,977 shares of company stock valued at $39,750,959. Corporate insiders own 34.25% 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.

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