Polar Capital Holdings Plc Has $124.72 Million Stock Holdings in Reddit Inc. $RDDT

Polar Capital Holdings Plc reduced its position in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 28.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 542,583 shares of the company's stock after selling 216,179 shares during the period. Polar Capital Holdings Plc owned approximately 0.28% of Reddit worth $124,724,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Capital World Investors bought a new position in shares of Reddit in the 4th quarter valued at $1,293,258,000. Norges Bank acquired a new stake in shares of Reddit in the 4th quarter valued at approximately $372,047,000. Vanguard Group Inc. grew its holdings in shares of Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company's stock valued at $2,814,734,000 after purchasing an additional 1,401,293 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Reddit by 419.0% during the 3rd 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 during the last quarter. Finally, State Street Corp increased its position in Reddit by 138.5% during the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company's stock worth $305,678,000 after purchasing an additional 1,178,890 shares in the last quarter.

Reddit Stock Down 3.4%

NYSE RDDT opened at $175.66 on Wednesday. The company has a market capitalization of $33.82 billion, a price-to-earnings ratio of 50.19 and a beta of 1.91. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95. The stock has a fifty day simple moving average of $159.09 and a 200 day simple moving average of $176.27.

Reddit (NYSE:RDDT - Get Free Report) last announced its 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 return on equity of 25.48% and a net margin of 28.60%.The business's quarterly revenue was up 69.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.13 EPS. Research analysts expect that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the firm's stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $174.13, for a total transaction of $3,134,340.00. Following the completion of the transaction, the chief executive officer owned 373,814 shares in the company, valued at approximately $65,092,231.82. This trade represents a 4.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 company's stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the completion of 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 193,334 shares of company stock valued at $30,507,093 over the last ninety days. 28.48% of the stock is owned by company insiders.

Analyst Ratings Changes

RDDT has been the topic of a number of research analyst reports. Citizens Jmp cut their target price on shares of Reddit from $250.00 to $240.00 and set a "market outperform" rating on the stock in a research report on Friday, May 1st. Wells Fargo & Company upped their price target on shares of Reddit from $149.00 to $176.00 and gave the stock an "equal weight" rating in a report on Friday, May 1st. Jefferies Financial Group dropped their price target on Reddit from $285.00 to $250.00 and set a "buy" rating for the company in a research note on Tuesday, March 10th. Raymond James Financial set a $180.00 price objective on Reddit and gave the stock a "market perform" rating in a research report 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 report on Friday, May 1st. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $230.75.

About Reddit

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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