Ally Financial Inc. Invests $3.47 Million in Reddit Inc. $RDDT

Ally Financial Inc. bought a new position in shares of Reddit Inc. (NYSE:RDDT - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 20,000 shares of the company's stock, valued at approximately $3,472,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RDDT. Vanguard Group Inc. lifted its position in Reddit by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company's stock valued at $3,062,339,000 after buying an additional 1,083,540 shares in the last quarter. Capital World Investors acquired a new stake in Reddit in the 4th quarter valued at $1,293,258,000. State Street Corp raised its position in Reddit by 6.0% in the fourth quarter. State Street Corp now owns 2,631,332 shares of the company's stock valued at $604,864,000 after purchasing an additional 149,401 shares during the period. Geode Capital Management LLC raised its position in Reddit by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company's stock valued at $546,789,000 after purchasing an additional 106,821 shares during the period. Finally, Morgan Stanley lifted its stake in shares of Reddit by 11.4% during the fourth quarter. Morgan Stanley now owns 2,372,443 shares of the company's stock worth $545,354,000 after purchasing an additional 242,709 shares in the last quarter.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Wall Street Zen downgraded Reddit from a "buy" rating to a "hold" rating in a research report on Sunday, August 9th. Jefferies Financial Group set a $250.00 price target on Reddit in a research report on Friday, July 10th. Wells Fargo & Company decreased their price target on Reddit from $187.00 to $142.00 and set an "equal weight" rating for the company in a report on Friday, July 31st. 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. Finally, Rothschild & Co Redburn set a $110.00 price objective on shares of Reddit in a research report on Monday, April 27th. Three equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, Reddit presently has an average rating of "Moderate Buy" and an average target price of $221.10.

Reddit Stock Performance

Shares of NYSE RDDT opened at $153.05 on Monday. Reddit Inc. has a 1 year low of $119.27 and a 1 year high of $282.95. The stock's 50-day simple moving average is $173.71 and its 200-day simple moving average is $158.33. The firm has a market cap of $29.45 billion, a price-to-earnings ratio of 35.59, a PEG ratio of 0.52 and a beta of 2.04.

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

Insider Activity

In related news, CAO Michelle Marie Reynolds sold 808 shares of Reddit stock in a transaction 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 completion of the sale, the chief accounting officer owned 15,060 shares in the company, valued at approximately $3,012,000. The trade was a 5.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 company's stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $173.13, for a total transaction of $3,116,340.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares in the company, valued at $64,718,417.82. This represents a 4.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 204,974 shares of company stock worth $36,025,162. 28.48% of the stock is currently owned by insiders.

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.

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