Reddit Inc. $RDDT Stock Holdings Lifted by PensionDanmark Pensionsforsikringsaktieselskab

Key Points

• PensionDanmark more than doubled its Reddit stake in the second quarter, adding 9,670 shares to own 19,120 shares valued at approximately $3.3 million.
• Reddit reported a strong quarter, with revenue rising 61% year over year to $804.9 million and EPS of $1.25, beating analyst estimates of $731.0 million in revenue and $0.95 EPS.
• Analyst sentiment remains positive but targets have been reduced by several firms; Reddit has a consensus “Moderate Buy” rating and a $220.90 price target, while company insiders sold $28.5 million of stock over the past three months.

PensionDanmark Pensionsforsikringsaktieselskab lifted its stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 102.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,120 shares of the company's stock after acquiring an additional 9,670 shares during the quarter. PensionDanmark Pensionsforsikringsaktieselskab's holdings in Reddit were worth $3,319,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of RDDT. Capital World Investors acquired a new position in shares of Reddit in the 4th quarter valued at $1,293,258,000. Norges Bank purchased a new stake in Reddit during the fourth quarter valued at about $372,047,000. Invesco Ltd. boosted its holdings in shares of Reddit by 419.0% in the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company's stock worth $342,212,000 after buying an additional 1,201,237 shares during the period. State Street Corp increased its position in shares of Reddit by 138.5% in the second quarter. State Street Corp now owns 2,030,139 shares of the company's stock worth $305,678,000 after acquiring an additional 1,178,890 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Reddit by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company's stock valued at $3,062,339,000 after acquiring an additional 1,083,540 shares during the period.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $159.78, for a total transaction of $2,876,040.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares in the company, valued at $59,728,000.92. The trade was a 4.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 business'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 sale, the chief operating officer directly owned 1,050,339 shares of the company's stock, valued at approximately $185,846,982.66. The trade was a 3.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 169,141 shares of company stock valued at $28,464,485 in the last three months. Corporate insiders own 28.48% of the company's stock.

Wall Street Analyst Weigh In

RDDT has been the subject of a number of recent analyst reports. DA Davidson reaffirmed a "buy" rating and issued a $200.00 price objective on shares of Reddit in a research note on Thursday, July 23rd. Sanford C. Bernstein reaffirmed a "market perform" rating and issued a $180.00 target price on shares of Reddit in a research report on Friday, July 31st. Cantor Fitzgerald dropped their price target on Reddit from $200.00 to $170.00 and set a "neutral" rating on the stock in a research report on Friday, July 31st. Wedbush decreased their price objective on Reddit from $250.00 to $221.00 and set an "outperform" rating for the company in a research report on Friday, July 31st. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $195.00 target price (down from $215.00) on shares of Reddit in a research note on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $220.90.

Reddit Trading Up 0.0%

NYSE RDDT opened at $161.73 on Monday. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95. The firm's fifty day simple moving average is $176.68 and its 200-day simple moving average is $161.41. The company has a market capitalization of $31.12 billion, a PE ratio of 37.61, a price-to-earnings-growth ratio of 0.54 and a beta of 2.04.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The firm had revenue of $804.91 million during the quarter, compared to analysts' expectations of $731.00 million. During the same quarter last year, the firm earned $0.45 earnings per share. The business's revenue for the quarter was up 61.0% on a year-over-year basis. As a group, analysts predict that Reddit Inc. will post 5.22 EPS for the current year.

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.

Want to see what other hedge funds are holding RDDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Reddit Inc. (NYSE:RDDT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source