Janus Henderson Group PLC Increases Holdings in Reddit, Inc. (NYSE:RDDT)

Janus Henderson Group PLC grew its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 137.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,600 shares of the company's stock after buying an additional 14,800 shares during the period. Janus Henderson Group PLC's holdings in Reddit were worth $4,191,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Plato Investment Management Ltd purchased a new position in shares of Reddit during the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC purchased a new position in shares of Reddit during the fourth quarter worth about $28,000. Farmers & Merchants Investments Inc. purchased a new position in shares of Reddit during the fourth quarter worth about $33,000. Bogart Wealth LLC purchased a new position in shares of Reddit during the fourth quarter worth about $33,000. Finally, Allworth Financial LP grew its holdings in shares of Reddit by 970.0% during the fourth quarter. Allworth Financial LP now owns 214 shares of the company's stock worth $35,000 after purchasing an additional 194 shares during the last quarter.

Reddit Trading Down 4.6%

RDDT stock opened at $108.04 on Tuesday. The firm has a 50 day moving average of $108.94 and a 200-day moving average of $145.87. Reddit, Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The company has a market cap of $19.94 billion, a price-to-earnings ratio of -13.98, a PEG ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The company had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. During the same period last year, the firm earned ($8.19) EPS. The company's revenue for the quarter was up 61.5% on a year-over-year basis. Sell-side analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Michelle Marie Reynolds sold 11,965 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the completion of the transaction, the chief accounting officer now directly owns 48,418 shares of the company's stock, valued at $7,621,477.38. This trade represents a 19.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $160.30, for a total transaction of $2,244,200.00. Following the transaction, the chief executive officer now directly owns 597,515 shares of the company's stock, valued at approximately $95,781,654.50. This trade represents a 2.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 802,345 shares of company stock worth $101,207,606.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on RDDT. Oppenheimer began coverage on Reddit in a report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price objective on the stock. JMP Securities reiterated a "market outperform" rating and set a $180.00 target price on shares of Reddit in a research note on Friday, May 2nd. Raymond James decreased their target price on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research note on Wednesday, March 12th. Wells Fargo & Company reiterated an "equal weight" rating and set a $115.00 target price (down previously from $168.00) on shares of Reddit in a research note on Monday. Finally, Sanford C. Bernstein upgraded shares of Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 target price for the company in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Reddit has an average rating of "Moderate Buy" and an average target price of $141.36.

Reddit Company 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.

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