AustralianSuper Pty Ltd Grows Stock Holdings in Reddit Inc. $RDDT

Key Points

• AustralianSuper Pty Ltd massively increased its Reddit stake in Q4, boosting holdings by 1,429.6% to 263,521 shares valued at about $60.6 million.
• Reddit reported a strong quarterly beat, posting $1.01 EPS versus the $0.62 estimate and $663.4 million in revenue, up 69.1% year over year.
• Despite the earnings strength, several insiders sold shares recently, including COO Jennifer L. Wong and CTO Christopher Brian Slowe, while analysts kept a generally positive view with an average Moderate Buy rating and $228.61 price target.

AustralianSuper Pty Ltd grew its stake in Reddit Inc. (NYSE:RDDT - Free Report) by 1,429.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 263,521 shares of the company's stock after acquiring an additional 246,293 shares during the period. AustralianSuper Pty Ltd owned 0.14% of Reddit worth $60,576,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Raiffeisen Bank International AG purchased a new position in Reddit during the 3rd quarter worth $25,000. GW&K Investment Management LLC purchased a new stake in shares of Reddit in the 3rd quarter worth $30,000. Cornerstone Planning Group LLC grew its position in shares of Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company's stock worth $31,000 after buying an additional 135 shares in the last quarter. LOM Asset Management Ltd bought a new position in shares of Reddit during the 4th quarter worth $33,000. Finally, Noble Wealth Management PBC purchased a new position in shares of Reddit during the fourth quarter valued at $34,000.

Insiders Place Their Bets

In related news, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $161.47, for a total value of $6,324,295.49. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares in the company, valued at $175,752,182.97. This trade represents a 3.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the business'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 sale, the chief technology officer directly owned 38,413 shares in the company, valued at approximately $5,787,686.71. This represents a 28.75% decrease in their position. 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 ninety days, insiders have sold 268,977 shares of company stock valued at $39,750,959. 34.25% of the stock is owned by corporate insiders.

Reddit Stock Up 1.5%

NYSE RDDT opened at $156.40 on Friday. Reddit Inc. has a 52 week low of $94.89 and a 52 week high of $282.95. The company has a 50 day moving average price of $146.25 and a 200 day moving average price of $181.73. The firm has a market cap of $30.11 billion, a PE ratio of 44.69 and a beta of 1.85.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. During the same period in the previous year, the company earned $0.13 earnings per share. The business's revenue for the quarter was up 69.1% on a year-over-year basis. On average, equities research analysts anticipate that Reddit Inc. will post 4.78 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RDDT has been the topic of several recent research reports. Oppenheimer reiterated an "outperform" rating and set a $225.00 target price on shares of Reddit in a report on Friday, May 1st. B. Riley Financial increased their price objective on shares of Reddit from $245.00 to $250.00 and gave the company a "buy" rating in a research note on Friday, February 6th. Piper Sandler reissued an "overweight" rating and set a $215.00 price objective (up from $205.00) on shares of Reddit in a report on Friday, May 1st. JPMorgan Chase & Co. reduced their price objective on shares of Reddit from $227.00 to $200.00 and set a "neutral" rating for the company in a research note on Friday, February 6th. Finally, Jefferies Financial Group lowered their target price on Reddit from $285.00 to $250.00 and set a "buy" rating for the company in a report on Tuesday, March 10th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $228.61.

Reddit 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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