TD Asset Management Inc Grows Stock Position in Reddit Inc. (NYSE:RDDT)

Key Points

• TD Asset Management Inc increased its ownership in Reddit Inc. by 14.1%, acquiring an additional 35,188 shares, totaling 284,592 shares worth approximately $29.85 million.
• Other institutional investors, such as FMR LLC and Renaissance Technologies LLC, have also made significant additions to their holdings in Reddit, highlighting growing interest in the company.
• Reddit recently reported quarterly earnings of $0.13 per share, exceeding estimates, with revenue up 61.5% year-over-year, showcasing strong financial performance despite prior losses.

TD Asset Management Inc raised its position in Reddit Inc. (NYSE:RDDT - Free Report) by 14.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 284,592 shares of the company's stock after purchasing an additional 35,188 shares during the quarter. TD Asset Management Inc owned 0.16% of Reddit worth $29,854,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of RDDT. CWM LLC boosted its holdings in shares of Reddit by 100.0% in the 1st quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after purchasing an additional 128 shares during the last quarter. Canton Hathaway LLC acquired a new stake in shares of Reddit in the 1st quarter valued at about $43,000. Olde Wealth Management LLC bought a new stake in shares of Reddit during the 1st quarter valued at about $46,000. Fourth Dimension Wealth LLC bought a new position in Reddit in the 4th quarter worth about $49,000. Finally, Chelsea Counsel Co. bought a new position in Reddit in the 4th quarter worth about $49,000.

Reddit Stock Performance

Shares of NYSE RDDT traded up $32.86 during mid-day trading on Friday, hitting $193.45. The stock had a trading volume of 20,961,935 shares, compared to its average volume of 7,870,271. Reddit Inc. has a 1 year low of $49.13 and a 1 year high of $230.41. The business has a 50 day moving average price of $135.22 and a two-hundred day moving average price of $138.51. The firm has a market cap of $35.70 billion, a P/E ratio of 327.78, a price-to-earnings-growth ratio of 3.81 and a beta of 2.33.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.25. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The business had revenue of $499.63 million for the quarter, compared to analysts' expectations of $424.07 million. During the same quarter in the previous year, the business posted ($0.06) earnings per share. The firm's revenue for the quarter was up 77.9% compared to the same quarter last year. Equities research analysts predict that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RDDT has been the topic of several analyst reports. Royal Bank Of Canada set a $125.00 price target on shares of Reddit and gave the stock a "sector perform" rating in a research note on Wednesday, June 25th. Robert W. Baird boosted their price target on shares of Reddit from $120.00 to $151.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Roth Capital boosted their price target on shares of Reddit from $130.00 to $145.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Guggenheim increased their target price on shares of Reddit from $165.00 to $215.00 and gave the stock a "buy" rating in a report on Friday. Finally, Piper Sandler increased their price objective on shares of Reddit from $150.00 to $210.00 and gave the stock an "overweight" rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $164.21.

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 26,000 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $98.43, for a total transaction of $2,559,180.00. Following the completion of the sale, the chief technology officer owned 251,373 shares of the company's stock, valued at $24,742,644.39. This represents a 9.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 124,409 shares of the business's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $124.45, for a total value of $15,482,700.05. Following the transaction, the chief executive officer owned 546,133 shares of the company's stock, valued at approximately $67,966,251.85. This trade represents a 18.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 506,809 shares of company stock worth $61,884,325 in the last 90 days. Corporate insiders own 34.25% of the company's stock.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.