Reddit Inc. (NYSE:RDDT) Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas cut its stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 43.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,656 shares of the company's stock after selling 7,559 shares during the quarter. Teacher Retirement System of Texas' holdings in Reddit were worth $1,013,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in RDDT. Vanguard Group Inc. grew its position in shares of Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after buying an additional 5,950,909 shares in the last quarter. Alliancebernstein L.P. grew its position in shares of Reddit by 1,011.1% during the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after buying an additional 2,537,768 shares in the last quarter. Brooklyn FI LLC acquired a new position in shares of Reddit during the fourth quarter worth about $303,082,000. GQG Partners LLC acquired a new position in shares of Reddit during the fourth quarter worth about $271,539,000. Finally, Whale Rock Capital Management LLC acquired a new position in shares of Reddit during the fourth quarter worth about $204,054,000.

Wall Street Analyst Weigh In

Several research firms recently weighed in on RDDT. Guggenheim restated a "buy" rating and set a $165.00 target price on shares of Reddit in a research note on Tuesday, June 24th. Loop Capital decreased their target price on Reddit from $210.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, June 12th. Oppenheimer began coverage on Reddit in a research note on Wednesday, April 16th. They set an "outperform" rating and a $125.00 target price for the company. Truist Financial began coverage on Reddit in a research note on Monday, April 7th. They set a "buy" rating and a $150.00 target price for the company. Finally, Piper Sandler restated an "overweight" rating and set a $150.00 target price (up previously from $140.00) on shares of Reddit in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Reddit currently has a consensus rating of "Moderate Buy" and a consensus target price of $141.04.

Reddit Stock Up 2.0%

RDDT opened at $145.89 on Monday. The business's fifty day simple moving average is $124.42 and its 200 day simple moving average is $140.22. Reddit Inc. has a 52 week low of $49.13 and a 52 week high of $230.41. The firm has a market cap of $26.92 billion, a P/E ratio of 247.28, a PEG ratio of 3.74 and a beta of 2.33.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.11. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The firm had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. During the same period in the prior year, the business posted ($8.19) earnings per share. The firm's revenue for the quarter was up 61.5% compared to the same quarter last year. As a group, equities analysts expect that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 26,000 shares of the firm's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $98.43, for a total value of $2,559,180.00. Following the transaction, the chief technology officer directly owned 251,373 shares in the company, valued at $24,742,644.39. This trade represents a 9.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Andrew Vollero sold 30,000 shares of the firm's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $117.64, for a total value of $3,529,200.00. Following the sale, the chief financial officer owned 333,806 shares in the company, valued at approximately $39,268,937.84. The trade was a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 617,285 shares of company stock valued at $69,599,110. 34.25% of the stock is owned by company insiders.

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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