Legal & General Group Plc Sells 17,704 Shares of Reddit Inc. $RDDT

Legal & General Group Plc reduced its position in Reddit Inc. (NYSE:RDDT - Free Report) by 5.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 300,836 shares of the company's stock after selling 17,704 shares during the quarter. Legal & General Group Plc owned about 0.16% of Reddit worth $69,153,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Reddit by 8.9% in the fourth quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company's stock valued at $3,062,339,000 after acquiring an additional 1,083,540 shares during the period. State Street Corp boosted its position in shares of Reddit by 22.3% in the third quarter. State Street Corp now owns 2,481,931 shares of the company's stock valued at $570,819,000 after acquiring an additional 451,792 shares during the period. Bank of America Corp DE boosted its position in shares of Reddit by 38.4% in the third quarter. Bank of America Corp DE now owns 1,724,560 shares of the company's stock valued at $396,632,000 after acquiring an additional 478,095 shares during the period. Invesco Ltd. raised its stake in Reddit by 419.0% in the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company's stock valued at $342,212,000 after purchasing an additional 1,201,237 shares in the last quarter. Finally, Nordea Investment Management AB raised its stake in Reddit by 4.3% in the fourth quarter. Nordea Investment Management AB now owns 1,151,360 shares of the company's stock valued at $265,273,000 after purchasing an additional 47,187 shares in the last quarter.

Reddit Stock Performance

RDDT stock opened at $176.41 on Friday. The company has a market capitalization of $33.96 billion, a PE ratio of 50.40 and a beta of 1.85. Reddit Inc. has a one year low of $106.34 and a one year high of $282.95. The company's 50 day moving average price is $149.56 and its two-hundred day moving average price is $178.23.

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

Insider Buying and Selling at Reddit

In other Reddit 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 transaction of $6,324,295.49. Following the transaction, the chief operating officer directly owned 1,088,451 shares of the company's stock, valued at approximately $175,752,182.97. This trade represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of Reddit 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 transaction, the chief technology officer directly owned 38,413 shares in the company, valued at $5,787,686.71. This trade represents a 28.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 241,999 shares of company stock valued at $36,678,168. 34.25% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of recent analyst reports. Robert W. Baird set a $200.00 target price on shares of Reddit in a research note on Friday, February 6th. Zacks Research raised shares of Reddit from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 5th. Morgan Stanley set a $240.00 target price on shares of Reddit in a research note on Friday, February 6th. Needham & Company LLC reaffirmed a "buy" rating and issued a $300.00 target price on shares of Reddit in a research note on Friday, May 1st. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $215.00 target price (up from $205.00) on shares of Reddit in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $228.61.

Reddit Company 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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