Fundsmith Investment Services LTD. Buys New Stake in Reddit, Inc. (NYSE:RDDT)

Fundsmith Investment Services LTD. purchased a new position in Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 76,675 shares of the company's stock, valued at approximately $12,532,000. Reddit makes up 0.2% of Fundsmith Investment Services LTD.'s holdings, making the stock its 26th largest holding.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Circle Wealth Management LLC bought a new position in Reddit during the fourth quarter valued at approximately $518,000. Deutsche Bank AG bought a new stake in Reddit in the fourth quarter worth $69,806,000. Driehaus Capital Management LLC raised its stake in Reddit by 3.7% during the fourth quarter. Driehaus Capital Management LLC now owns 174,268 shares of the company's stock valued at $28,482,000 after purchasing an additional 6,169 shares in the last quarter. CoreCap Advisors LLC lifted its position in Reddit by 3,500.0% during the fourth quarter. CoreCap Advisors LLC now owns 360 shares of the company's stock valued at $59,000 after purchasing an additional 350 shares during the last quarter. Finally, Cresset Asset Management LLC increased its holdings in shares of Reddit by 159.6% in the 4th quarter. Cresset Asset Management LLC now owns 1,308,797 shares of the company's stock worth $213,910,000 after buying an additional 804,591 shares during the last quarter.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several analyst reports. Sanford C. Bernstein raised Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price objective for the company in a research note on Friday, May 2nd. JMP Securities restated a "market outperform" rating and set a $180.00 target price on shares of Reddit in a research report on Friday, May 2nd. Loop Capital reiterated a "buy" rating and issued a $210.00 price target on shares of Reddit in a report on Tuesday, March 11th. Guggenheim dropped their price objective on Reddit from $170.00 to $165.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Finally, Oppenheimer started coverage on Reddit in a research report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 target price for the company. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Reddit currently has an average rating of "Moderate Buy" and an average price target of $140.35.

Reddit Stock Up 0.5 %

Shares of RDDT stock traded up $0.52 during trading hours on Friday, hitting $108.35. 4,828,120 shares of the company's stock were exchanged, compared to its average volume of 5,866,048. The firm has a 50 day moving average of $111.54 and a two-hundred day moving average of $144.77. Reddit, Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The firm has a market cap of $19.60 billion, a P/E ratio of -14.02, a P/E/G ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The business had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. During the same period last year, the firm posted ($8.19) earnings per share. The company's revenue was up 61.5% compared to the same quarter last year. On average, equities analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $115,370,905.32. This trade represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Vollero sold 48,122 shares of Reddit stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the transaction, the chief financial officer now directly owns 599,295 shares in the company, valued at $97,565,226. This trade represents a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 725,270 shares of company stock valued at $95,789,365 over the last ninety days.

Reddit Profile

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.