Reddit Inc. $RDDT Holdings Raised by Fjarde AP Fonden Fourth Swedish National Pension Fund

Key Points

• Fjarde AP Fonden boosted its Reddit stake by 46.7% in the first quarter, buying 11,587 more shares and ending with 36,387 shares valued at about $4.9 million.
• Reddit’s latest earnings beat expectations, posting $1.01 EPS versus the $0.62 estimate and $663.4 million in revenue, up 69.1% year over year.
• Despite strong results, analyst sentiment remains mixed: the stock has a Moderate Buy consensus with an average price target of $231.14, while several firms recently downgraded or maintained neutral ratings.

Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in Reddit Inc. (NYSE:RDDT - Free Report) by 46.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,387 shares of the company's stock after purchasing an additional 11,587 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Reddit were worth $4,900,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Institute for Wealth Management LLC. boosted its stake in Reddit by 6.1% during the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company's stock valued at $246,000 after purchasing an additional 62 shares in the last quarter. Roxbury Financial LLC boosted its stake in Reddit by 7.4% during the fourth quarter. Roxbury Financial LLC now owns 929 shares of the company's stock valued at $214,000 after buying an additional 64 shares in the last quarter. Florida Financial Advisors LLC grew its holdings in Reddit by 6.7% during the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company's stock worth $250,000 after acquiring an additional 68 shares during the period. Diversified Trust Co grew its holdings in Reddit by 2.1% during the first quarter. Diversified Trust Co now owns 3,271 shares of the company's stock worth $440,000 after acquiring an additional 68 shares during the period. Finally, IFP Advisors Inc raised its position in Reddit by 9.9% in the third quarter. IFP Advisors Inc now owns 796 shares of the company's stock worth $183,000 after acquiring an additional 72 shares in the last quarter.

Reddit Stock Performance

Shares of RDDT opened at $200.67 on Tuesday. The company's 50 day moving average price is $164.92 and its 200 day moving average price is $171.59. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95. The company has a market capitalization of $38.63 billion, a PE ratio of 57.33 and a beta of 1.93.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (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 quarter in the prior year, the firm earned $0.13 EPS. The company's revenue was up 69.1% compared to the same quarter last year. On average, equities analysts forecast that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on RDDT shares. Weiss Ratings reissued a "hold (c)" rating on shares of Reddit in a report on Friday, May 8th. Bank of America dropped their target price on shares of Reddit from $205.00 to $175.00 and set a "neutral" rating on the stock in a report on Thursday, April 2nd. Wells Fargo & Company increased their target price on shares of Reddit from $176.00 to $187.00 and gave the company an "equal weight" rating in a research note on Tuesday. Wall Street Zen cut shares of Reddit from a "buy" rating to a "hold" rating in a report on Sunday, May 10th. Finally, Zacks Research cut Reddit from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 3rd. Eighteen analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $231.14.

Insider Activity at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 15,500 shares of Reddit stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total value 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 $5,787,686.71. The trade was a 28.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $178.26, for a total value of $3,208,680.00. Following the transaction, the chief executive officer directly owned 373,814 shares in the company, valued at approximately $66,636,083.64. This represents a 4.59% decrease in their position. 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. Over the last quarter, insiders have sold 241,808 shares of company stock valued at $40,191,725. 28.48% of the stock is currently owned by corporate insiders.

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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