Reddit Inc. $RDDT Shares Acquired by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. increased its Reddit stake by 64.2% in the fourth quarter, adding 124,394 shares to bring its total holdings to 318,153 shares worth about $73.1 million.
• Reddit reported strong quarterly results, posting EPS of $1.01 versus the $0.62 consensus and revenue of $663.4 million, up 69.1% year over year.
• Analysts remain broadly positive on RDDT, with an average rating of “Moderate Buy” and an average price target of $230.75, despite some mixed recent insider selling and a few rating changes.

Pacer Advisors Inc. lifted its stake in Reddit Inc. (NYSE:RDDT - Free Report) by 64.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 318,153 shares of the company's stock after buying an additional 124,394 shares during the quarter. Pacer Advisors Inc. owned approximately 0.17% of Reddit worth $73,134,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Huntington National Bank raised its position in Reddit by 25.6% during the third quarter. Huntington National Bank now owns 270 shares of the company's stock valued at $62,000 after acquiring an additional 55 shares in the last quarter. Institute for Wealth Management LLC. boosted its position in Reddit by 6.1% in the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company's stock worth $246,000 after purchasing an additional 62 shares in the last quarter. Roxbury Financial LLC grew its stake in shares of Reddit by 7.4% during the 4th quarter. Roxbury Financial LLC now owns 929 shares of the company's stock worth $214,000 after purchasing an additional 64 shares during the period. Florida Financial Advisors LLC grew its stake in shares of Reddit by 6.7% during the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company's stock worth $250,000 after purchasing an additional 68 shares during the period. Finally, IFP Advisors Inc increased its holdings in shares of Reddit by 9.9% during the 3rd quarter. IFP Advisors Inc now owns 796 shares of the company's stock valued at $183,000 after purchasing an additional 72 shares in the last quarter.

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 15,500 shares of the firm's stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total value of $2,335,385.00. Following the transaction, the chief technology officer 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,166 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total value of $6,930,032.04. Following the completion of the transaction, the chief operating officer owned 1,050,339 shares in the company, valued at approximately $185,846,982.66. This trade represents a 3.59% 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. In the last three months, insiders sold 250,500 shares of company stock worth $40,645,805. Corporate insiders own 28.48% of the company's stock.

Reddit Stock Up 5.7%

Shares of NYSE RDDT opened at $175.38 on Friday. The firm has a market cap of $33.76 billion, a price-to-earnings ratio of 50.11 and a beta of 1.91. The company's 50-day simple moving average is $160.32 and its 200-day simple moving average is $175.69. Reddit Inc. has a 52-week low of $119.27 and a 52-week high of $282.95.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm 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 for the quarter was up 69.1% on a year-over-year basis. Equities research analysts anticipate that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on RDDT. Oppenheimer reiterated an "outperform" rating and issued a $225.00 target price on shares of Reddit in a research note on Friday, May 1st. Piper Sandler reaffirmed an "overweight" rating and issued a $215.00 price objective (up from $205.00) on shares of Reddit in a report on Friday, May 1st. Wall Street Zen downgraded shares of Reddit from a "buy" rating to a "hold" rating in a research report on Sunday, May 10th. Bank of America decreased their price objective on shares of Reddit from $205.00 to $175.00 and set a "neutral" rating for the company in a research report on Thursday, April 2nd. Finally, Truist Financial set a $265.00 target price on Reddit in a research report on Friday, May 1st. Eighteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $230.75.

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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