Asset Management One Co. Ltd. Acquires New Holdings in Reddit Inc. (NYSE:RDDT)

Asset Management One Co. Ltd. bought a new position in shares of Reddit Inc. (NYSE:RDDT - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 26,073 shares of the company's stock, valued at approximately $2,735,000.

A number of other institutional investors have also added to or reduced their stakes in RDDT. Vanguard Group Inc. raised its stake in shares of Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after buying an additional 5,950,909 shares in the last quarter. Alliancebernstein L.P. raised its position in Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after purchasing an additional 2,537,768 shares in the last quarter. Brooklyn FI LLC bought a new position in Reddit during the fourth quarter worth about $303,082,000. GQG Partners LLC acquired a new stake in Reddit during the fourth quarter valued at approximately $271,539,000. Finally, Whale Rock Capital Management LLC acquired a new stake in Reddit during the fourth quarter valued at approximately $204,054,000.

Reddit Stock Performance

RDDT traded down $1.99 during trading on Thursday, reaching $157.35. 4,040,705 shares of the company's stock were exchanged, compared to its average volume of 8,065,255. The company's fifty day moving average price is $119.88 and its 200-day moving average price is $141.68. The firm has a market capitalization of $29.03 billion, a PE ratio of 266.70, a P/E/G ratio of 3.91 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 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The business had revenue of $392.36 million during the quarter, compared to analysts' expectations of $370.55 million. During the same period in the previous year, the firm earned ($8.19) earnings per share. The firm's quarterly revenue was up 61.5% compared to the same quarter last year. Research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on RDDT. Piper Sandler restated an "overweight" rating and set a $150.00 target price (up previously from $140.00) on shares of Reddit in a research report on Friday, May 2nd. Redburn Atlantic initiated coverage on Reddit in a research note on Monday, March 17th. They set a "sell" rating and a $75.00 price objective for the company. Royal Bank Of Canada set a $125.00 target price on shares of Reddit and gave the company a "sector perform" rating in a research note on Wednesday, June 25th. Citigroup upped their target price on shares of Reddit from $158.00 to $163.00 and gave the stock a "buy" rating in a report on Tuesday, June 24th. Finally, Wall Street Zen raised shares of Reddit from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $139.70.

Insider Buying and Selling

In related news, CFO Andrew Vollero sold 30,000 shares of the business's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $117.64, for a total transaction of $3,529,200.00. Following the completion of the transaction, the chief financial officer owned 333,806 shares in the company, valued at approximately $39,268,937.84. The trade was a 8.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Michelle Marie Reynolds sold 3,500 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $150.64, for a total transaction of $527,240.00. Following the completion of the sale, the chief accounting officer owned 37,868 shares in the company, valued at approximately $5,704,435.52. This trade represents a 8.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 617,285 shares of company stock worth $69,599,110 over the last quarter. Insiders own 34.25% of the company's stock.

Reddit Profile

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.