Pictet Asset Management Holding SA Boosts Holdings in Reddit Inc. $RDDT

Pictet Asset Management Holding SA raised its stake in shares of Reddit Inc. (NYSE:RDDT) by 52.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 203,184 shares of the company’s stock after buying an additional 70,315 shares during the period. Pictet Asset Management Holding SA’s holdings in Reddit were worth $46,707,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in Reddit by 12.9% during the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after acquiring an additional 1,401,293 shares during the period. Invesco Ltd. boosted its position in Reddit by 419.0% in the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after purchasing an additional 1,201,237 shares in the last quarter. State Street Corp boosted its position in Reddit by 138.5% in the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after purchasing an additional 1,178,890 shares in the last quarter. DSM Capital Partners LLC acquired a new stake in shares of Reddit during the 3rd quarter worth approximately $182,590,000. Finally, Federated Hermes Inc. purchased a new position in shares of Reddit during the 3rd quarter valued at approximately $165,246,000.

Reddit Trading Down 0.1%

RDDT opened at $147.77 on Thursday. Reddit Inc. has a twelve month low of $94.89 and a twelve month high of $282.95. The firm has a market capitalization of $28.23 billion, a PE ratio of 56.40, a PEG ratio of 1.17 and a beta of 2.40. The firm’s 50-day moving average price is $144.09 and its 200 day moving average price is $184.57.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, beating the consensus estimate of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The firm had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. During the same quarter last year, the firm earned $0.36 earnings per share. The business’s revenue for the quarter was up 69.7% on a year-over-year basis. As a group, analysts predict that Reddit Inc. will post 4.02 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several analyst reports. Roth Mkm boosted their target price on shares of Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a research note on Friday, January 30th. Guggenheim lifted their price objective on shares of Reddit from $245.00 to $255.00 and gave the company a “buy” rating in a report on Friday, February 6th. B. Riley Financial upped their price objective on shares of Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Bank of America dropped their target price on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a research report on Thursday, April 2nd. Finally, Robert W. Baird set a $200.00 price target on Reddit in a research note on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $229.79.

Insider Activity

In other news, Director Sarah E. Farrell purchased 10,500 shares of the business’s stock in a transaction dated Friday, March 13th. The stock was acquired at an average price of $132.26 per share, for a total transaction of $1,388,730.00. Following the acquisition, the director directly owned 61,000 shares of the company’s stock, valued at approximately $8,067,860. This represents a 20.79% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction, the chief technology officer owned 38,413 shares in the company, valued at $5,787,686.71. This represents a 28.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders acquired 61,000 shares of company stock worth $8,870,815 and sold 298,441 shares worth $44,170,999. Company insiders own 34.25% of the company’s stock.

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.