Reddit Inc. $RDDT Shares Bought by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management increased its stake in Reddit by 53.2% in Q3, buying 10,743 shares to hold 30,944 shares valued at about $7.17 million.
• Significant insider selling has occurred recently: CEO Steve Huffman sold 18,000 shares (avg $194.81) and Benjamin Seong Lee sold 55,005 shares (avg $221.21); insiders sold 523,511 shares worth $114.37 million over the last three months and now own 34.25% of the stock.
• Analysts give Reddit an overall "Moderate Buy" consensus with an average price target of $245.18 (2 Strong Buy, 16 Buy, 11 Hold, 1 Sell).

Resona Asset Management Co. Ltd. grew its holdings in Reddit Inc. (NYSE:RDDT - Free Report) by 53.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,944 shares of the company's stock after purchasing an additional 10,743 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Reddit were worth $7,166,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. AdvisorNet Financial Inc lifted its position in Reddit by 2.8% in the third quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company's stock valued at $567,000 after buying an additional 66 shares during the last quarter. Kingswood Wealth Advisors LLC lifted its holdings in shares of Reddit by 5.0% in the 3rd quarter. Kingswood Wealth Advisors LLC now owns 1,439 shares of the company's stock worth $331,000 after acquiring an additional 69 shares during the last quarter. Bienville Capital Management LLC lifted its holdings in shares of Reddit by 0.5% in the 2nd quarter. Bienville Capital Management LLC now owns 16,153 shares of the company's stock worth $2,432,000 after acquiring an additional 76 shares during the last quarter. Platinum Investment Management Ltd. boosted its position in shares of Reddit by 4.3% during the 2nd quarter. Platinum Investment Management Ltd. now owns 2,322 shares of the company's stock worth $350,000 after purchasing an additional 95 shares during the period. Finally, Covestor Ltd increased its holdings in Reddit by 138.5% in the 3rd quarter. Covestor Ltd now owns 217 shares of the company's stock valued at $50,000 after purchasing an additional 126 shares during the last quarter.

Wall Street Analyst Weigh In

RDDT has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $285.00 price target on shares of Reddit in a research report on Tuesday, January 20th. Bank of America raised their target price on Reddit from $180.00 to $210.00 and gave the company a "neutral" rating in a report on Friday, October 31st. Evercore ISI started coverage on Reddit in a research report on Monday, January 12th. They issued an "outperform" rating and a $320.00 target price for the company. Jefferies Financial Group increased their price target on shares of Reddit from $300.00 to $325.00 and gave the stock a "buy" rating in a research report on Thursday, December 11th. Finally, Sanford C. Bernstein raised their price objective on shares of Reddit from $190.00 to $210.00 and gave the company a "market perform" rating in a research note on Friday, October 31st. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $245.18.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the company's stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $194.81, for a total transaction of $3,506,580.00. Following the completion of the transaction, the chief executive officer directly owned 485,958 shares of the company's stock, valued at approximately $94,669,477.98. This represents a 3.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Benjamin Seong Lee sold 55,005 shares of the firm's stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $221.21, for a total value of $12,167,656.05. Following the sale, the insider directly owned 62,608 shares in the company, valued at $13,849,515.68. This trade represents a 46.77% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 523,511 shares of company stock worth $114,370,884. 34.25% of the stock is currently owned by company insiders.

Reddit Stock Performance

RDDT stock opened at $213.96 on Tuesday. The company's 50 day moving average price is $225.99 and its 200 day moving average price is $213.97. The firm has a market capitalization of $40.54 billion, a price-to-earnings ratio of 122.96, a PEG ratio of 1.49 and a beta of 2.17. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.50 by $0.30. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The company had revenue of $584.91 million during the quarter, compared to the consensus estimate of $546.65 million. During the same quarter in the previous year, the firm earned $0.16 earnings per share. The firm's quarterly revenue was up 67.9% on a year-over-year basis. Equities analysts forecast that Reddit Inc. will post 1.12 EPS for the current fiscal year.

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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