IFM Investors Pty Ltd Buys 6,736 Shares of Reddit Inc. $RDDT

IFM Investors Pty Ltd raised its position in shares of Reddit Inc. (NYSE:RDDT) by 50.0% in the third quarter, according to its most recent filing with the SEC. The firm owned 20,209 shares of the company’s stock after purchasing an additional 6,736 shares during the quarter. IFM Investors Pty Ltd’s holdings in Reddit were worth $4,852,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Teacher Retirement System of Texas raised its position in shares of Reddit by 880.5% in the 2nd quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company’s stock worth $14,255,000 after acquiring an additional 85,020 shares in the last quarter. Petrus Trust Company LTA acquired a new stake in Reddit during the first quarter worth approximately $473,000. Think Investments LP grew its stake in Reddit by 10.3% during the first quarter. Think Investments LP now owns 268,000 shares of the company’s stock worth $28,113,000 after purchasing an additional 25,000 shares during the period. Sender Co & Partners Inc. bought a new stake in Reddit in the first quarter worth approximately $1,367,000. Finally, Union Bancaire Privee UBP SA acquired a new position in Reddit in the second quarter valued at approximately $2,078,000.

Reddit Price Performance

NYSE:RDDT opened at $226.03 on Friday. The firm has a 50-day moving average of $211.36 and a 200-day moving average of $198.97. The company has a market cap of $42.83 billion, a PE ratio of 129.90, a PEG ratio of 2.49 and a beta of 2.17. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.30. The business had revenue of $584.91 million for the quarter, compared to analysts’ expectations of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The firm’s revenue for the quarter was up 67.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.16 EPS. On average, equities research analysts expect that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Reddit news, insider Benjamin Seong Lee sold 55,005 shares of the firm’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $221.21, for a total transaction of $12,167,656.05. Following the transaction, the insider directly owned 62,608 shares in the company, valued at approximately $13,849,515.68. This trade represents a 46.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jennifer L. Wong sold 63,427 shares of Reddit stock in a transaction on Monday, November 24th. The stock was sold at an average price of $192.72, for a total transaction of $12,223,651.44. Following the transaction, the chief operating officer directly owned 1,184,528 shares in the company, valued at $228,282,236.16. This represents a 5.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 465,333 shares of company stock worth $97,164,104 over the last three months. Company insiders own 34.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RDDT. Citigroup raised their price objective on shares of Reddit from $250.00 to $265.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. Truist Financial set a $270.00 target price on shares of Reddit in a research note on Friday, October 31st. B. Riley restated a “buy” rating and issued a $245.00 price target (up from $235.00) on shares of Reddit in a report on Friday, October 31st. JPMorgan Chase & Co. lifted their price target on shares of Reddit from $190.00 to $227.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Finally, Sanford C. Bernstein upped their price objective on shares of Reddit from $190.00 to $210.00 and gave the company a “market perform” rating in a report on Friday, October 31st. Three research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $230.28.

Reddit Company 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.