Reddit Inc. $RDDT Shares Purchased by Tredje AP fonden

Key Points

• Tredje AP fonden increased its Reddit stake by 55% in the fourth quarter, buying 46,320 more shares and bringing its total holdings to 130,596 shares worth about $30 million.
• Reddit reported strong first-quarter results, with EPS of $1.01 beating estimates by $0.39 and revenue of $663.41 million topping expectations, while revenue rose 69.1% year over year.
• Insider selling and analyst sentiment remain notable: CEO Steve Huffman and COO Jennifer Wong sold shares, while analysts currently rate the stock a consensus “Moderate Buy” with a target price of $228.61.

Tredje AP fonden boosted its holdings in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 55.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 130,596 shares of the company's stock after purchasing an additional 46,320 shares during the period. Tredje AP fonden owned approximately 0.07% of Reddit worth $30,020,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Handelsbanken Fonder AB increased its stake in Reddit by 22.9% in the fourth quarter. Handelsbanken Fonder AB now owns 37,000 shares of the company's stock valued at $8,505,000 after purchasing an additional 6,900 shares during the period. HighTower Advisors LLC boosted its stake in shares of Reddit by 452.0% during the fourth quarter. HighTower Advisors LLC now owns 87,863 shares of the company's stock worth $20,197,000 after buying an additional 71,945 shares during the period. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Reddit by 37.9% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 3,352 shares of the company's stock worth $771,000 after buying an additional 921 shares during the last quarter. WD Rutherford LLC grew its holdings in shares of Reddit by 105.7% during the fourth quarter. WD Rutherford LLC now owns 10,216 shares of the company's stock worth $2,348,000 after buying an additional 5,249 shares during the last quarter. Finally, North Dakota State Investment Board acquired a new position in Reddit in the 4th quarter valued at about $945,000.

Reddit Trading Up 0.5%

RDDT stock opened at $159.01 on Tuesday. The company's 50-day moving average price is $146.78 and its 200 day moving average price is $180.92. Reddit Inc. has a 52 week low of $94.89 and a 52 week high of $282.95. The company has a market cap of $30.61 billion, a P/E ratio of 45.43 and a beta of 1.85.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly 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 business had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company's quarterly revenue was up 69.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.13 EPS. On average, equities research analysts expect that Reddit Inc. will post 4.83 earnings per share for the current year.

Insider Activity

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the firm's stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $145.12, for a total transaction of $2,612,160.00. Following the completion of the transaction, the chief executive officer directly owned 411,195 shares in the company, valued at approximately $59,672,618.40. This trade represents a 4.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the transaction, the chief operating officer owned 1,088,451 shares of the company's stock, valued at approximately $175,752,182.97. The trade was a 3.47% decrease in their position. 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 sold a total of 268,977 shares of company stock worth $39,750,959 over the last 90 days. 34.25% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Cantor Fitzgerald increased their price objective on Reddit from $170.00 to $180.00 and gave the stock a "neutral" rating in a research report on Friday, May 1st. Jefferies Financial Group dropped their target price on Reddit from $285.00 to $250.00 and set a "buy" rating on the stock in a report on Tuesday, March 10th. Bank of America cut their price target on Reddit from $205.00 to $175.00 and set a "neutral" rating for the company in a research note on Thursday, April 2nd. B. Riley Financial increased their price target on Reddit from $245.00 to $250.00 and gave the stock a "buy" rating in a report on Friday, February 6th. Finally, Truist Financial set a $265.00 price objective on shares of Reddit in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $228.61.

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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