Reddit Inc. $RDDT Stock Position Raised by TD Asset Management Inc

Key Points

• TD Asset Management increased its Reddit stake by 39.7% in the fourth quarter, ending with 224,334 shares valued at about $51.6 million.
• Analysts remain broadly constructive on Reddit, with a Moderate Buy consensus and an average price target of $230.75, despite some recent target cuts and mixed ratings.
• Reddit reported strong quarterly results, including $1.01 EPS versus $0.62 expected and revenue up 69.1% year over year, even as insider selling continued in recent months.

TD Asset Management Inc lifted its holdings in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 39.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 224,334 shares of the company's stock after buying an additional 63,772 shares during the period. TD Asset Management Inc owned 0.12% of Reddit worth $51,568,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Raiffeisen Bank International AG bought a new stake in shares of Reddit during the 3rd quarter valued at about $25,000. GW&K Investment Management LLC bought a new stake in shares of Reddit during the 3rd quarter valued at about $30,000. Cornerstone Planning Group LLC grew its position in shares of Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company's stock valued at $31,000 after buying an additional 135 shares during the last quarter. LOM Asset Management Ltd bought a new stake in shares of Reddit during the 4th quarter valued at about $33,000. Finally, Noble Wealth Management PBC bought a new stake in shares of Reddit during the 4th quarter valued at about $34,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Citizens Jmp lowered their price objective on shares of Reddit from $250.00 to $240.00 and set a "market outperform" rating for the company in a research report on Friday, May 1st. Robert W. Baird set a $200.00 target price on shares of Reddit in a research note on Friday, February 6th. Cantor Fitzgerald boosted their target price on shares of Reddit from $170.00 to $180.00 and gave the company a "neutral" rating in a research note on Friday, May 1st. Guggenheim boosted their target price on shares of Reddit from $245.00 to $255.00 and gave the company a "buy" rating in a research note on Friday, February 6th. Finally, B. Riley Financial boosted their target price on shares of Reddit from $245.00 to $250.00 and gave the company a "buy" rating in a research note on Friday, February 6th. Eighteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Reddit has a consensus rating of "Moderate Buy" and a consensus price target of $230.75.

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 15,500 shares of the company's 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 of the company's stock, valued at approximately $5,787,686.71. This represents a 28.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the company's stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $174.13, for a total transaction of $3,134,340.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares of the company's stock, valued at approximately $65,092,231.82. This represents a 4.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 259,999 shares of company stock valued at $39,812,508. Company insiders own 28.48% of the company's stock.

Reddit Stock Down 5.7%

Reddit stock opened at $173.37 on Friday. The firm has a 50-day moving average price of $153.12 and a two-hundred day moving average price of $177.36. The firm has a market capitalization of $33.38 billion, a price-to-earnings ratio of 49.53 and a beta of 1.91. Reddit Inc. has a 52-week low of $110.85 and a 52-week high of $282.95.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.39. The company had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business's revenue for the quarter was up 69.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.13 EPS. Research analysts expect that Reddit Inc. will post 4.83 earnings per share for the current year.

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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