Arizona State Retirement System Buys 2,752 Shares of Reddit Inc. (NYSE:RDDT)

Arizona State Retirement System raised its position in Reddit Inc. (NYSE:RDDT - Free Report) by 16.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,044 shares of the company's stock after buying an additional 2,752 shares during the quarter. Arizona State Retirement System's holdings in Reddit were worth $1,998,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in RDDT. EverSource Wealth Advisors LLC bought a new position in Reddit during the 4th quarter valued at $28,000. Tucker Asset Management LLC purchased a new stake in Reddit in the fourth quarter worth approximately $39,000. Farther Finance Advisors LLC lifted its position in Reddit by 148.5% in the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after purchasing an additional 147 shares during the last quarter. Canton Hathaway LLC bought a new position in shares of Reddit during the first quarter valued at approximately $43,000. Finally, Olde Wealth Management LLC purchased a new stake in shares of Reddit in the first quarter worth $46,000.

Insider Activity

In related news, CTO Christopher Brian Slowe sold 16,000 shares of the business's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $136.47, for a total value of $2,183,520.00. Following the completion of the sale, the chief technology officer directly owned 246,373 shares of the company's stock, valued at $33,622,523.31. The trade was a 6.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $124.45, for a total value of $4,148,291.85. Following the transaction, the chief operating officer owned 1,428,007 shares of the company's stock, valued at approximately $177,715,471.15. This represents a 2.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 459,543 shares of company stock worth $54,442,014 over the last quarter. 34.25% of the stock is owned by insiders.

Reddit Stock Performance

NYSE:RDDT opened at $142.62 on Friday. The stock's fifty day moving average is $127.19 and its 200 day moving average is $139.93. The firm has a market capitalization of $26.32 billion, a PE ratio of 241.73, a PEG ratio of 3.70 and a beta of 2.33. Reddit Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.11. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The firm had revenue of $392.36 million during the quarter, compared to analysts' expectations of $370.55 million. During the same period last year, the business posted ($8.19) earnings per share. The company's revenue for the quarter was up 61.5% compared to the same quarter last year. Equities analysts forecast that Reddit Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

RDDT has been the topic of several recent analyst reports. Truist Financial assumed coverage on Reddit in a research note on Monday, April 7th. They set a "buy" rating and a $150.00 target price on the stock. The Goldman Sachs Group boosted their price target on Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Sanford C. Bernstein raised Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 target price for the company in a report on Friday, May 2nd. Citigroup increased their price objective on Reddit from $158.00 to $163.00 and gave the stock a "buy" rating in a research report on Tuesday, June 24th. Finally, Needham & Company LLC raised their price target on Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $141.04.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.

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