Intech Investment Management LLC Purchases 6,659 Shares of Reddit Inc. $RDDT

Key Points

• Intech Investment Management LLC increased its Reddit stake by 14.2% in the fourth quarter, buying 6,659 additional shares and bringing its total to 53,527 shares worth about $12.3 million.
• Reddit insiders were active: Director Sarah E. Farrell bought 10,500 shares, while CTO Christopher Brian Slowe sold 15,500 shares under a pre-arranged trading plan; insiders sold 241,999 shares in the last quarter overall.
• Analysts remain moderately bullish on RDDT, with an average price target of $228.61, while Reddit’s latest earnings topped estimates and revenue jumped 69.1% year over year to $663.41 million.

Intech Investment Management LLC boosted its position in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 14.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 53,527 shares of the company's stock after purchasing an additional 6,659 shares during the period. Intech Investment Management LLC's holdings in Reddit were worth $12,304,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Reddit by 8.9% during the 4th quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company's stock worth $3,062,339,000 after purchasing an additional 1,083,540 shares in the last quarter. State Street Corp increased its holdings in Reddit by 22.3% during the 3rd quarter. State Street Corp now owns 2,481,931 shares of the company's stock worth $570,819,000 after purchasing an additional 451,792 shares in the last quarter. Geode Capital Management LLC increased its holdings in Reddit by 4.7% during the 4th quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company's stock worth $546,789,000 after purchasing an additional 106,821 shares in the last quarter. Bank of America Corp DE increased its holdings in Reddit by 38.4% during the 3rd quarter. Bank of America Corp DE now owns 1,724,560 shares of the company's stock worth $396,632,000 after purchasing an additional 478,095 shares in the last quarter. Finally, Invesco Ltd. increased 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 purchasing an additional 1,201,237 shares in the last quarter.

Insider Buying and Selling at Reddit

In other Reddit news, Director Sarah E. Farrell acquired 10,500 shares of Reddit stock in a transaction dated Friday, March 13th. The stock was bought at an average cost of $132.26 per share, for a total transaction of $1,388,730.00. Following the purchase, 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 purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 15,500 shares of the stock in a transaction dated 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 transaction, the chief technology officer owned 38,413 shares of the company's stock, valued at approximately $5,787,686.71. This represents a 28.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 241,999 shares of company stock valued at $36,678,168. Corporate insiders own 34.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on RDDT. Bank of America lowered their target price on Reddit from $205.00 to $175.00 and set a "neutral" rating for the company in a report on Thursday, April 2nd. Truist Financial set a $265.00 target price on Reddit in a report on Friday, May 1st. Robert W. Baird set a $200.00 target price on Reddit in a report on Friday, February 6th. 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. Finally, DA Davidson reiterated a "buy" rating and set a $200.00 target price on shares of Reddit in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $228.61.

Reddit Price Performance

Reddit stock opened at $176.41 on Friday. The firm has a 50-day moving average of $149.56 and a 200-day moving average of $178.23. Reddit Inc. has a one year low of $106.34 and a one year high of $282.95. The company has a market cap of $33.96 billion, a price-to-earnings ratio of 50.40 and a beta of 1.85.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The company had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. During the same period in the prior year, the business posted $0.13 EPS. The company's quarterly revenue was up 69.1% on a year-over-year basis. As a group, sell-side analysts expect that Reddit Inc. will post 4.83 earnings per share for the current year.

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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