Reddit Inc. $RDDT Shares Purchased by Thornburg Investment Management Inc.

Thornburg Investment Management Inc. increased its position in Reddit Inc. (NYSE:RDDT) by 306.1% in the second quarter, HoldingsChannel.com reports. The fund owned 34,236 shares of the company’s stock after buying an additional 25,805 shares during the period. Thornburg Investment Management Inc.’s holdings in Reddit were worth $5,943,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. grew its stake in Reddit by 87.5% during the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after purchasing an additional 91 shares during the last quarter. Ascentis Independent Advisors purchased a new position in shares of Reddit in the first quarter worth about $30,000. EverSource Wealth Advisors LLC raised its stake in shares of Reddit by 48.1% in the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after purchasing an additional 64 shares during the last quarter. Beacon Investment Advisory Services Inc. acquired a new stake in shares of Reddit during the second quarter worth about $35,000. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares during the period.

Analysts Set New Price Targets

RDDT has been the subject of a number of recent research reports. Evercore reissued an “outperform” rating and set a $265.00 price target on shares of Reddit in a research report on Friday, July 31st. Piper Sandler reiterated an “overweight” rating and issued a $195.00 price objective (down from $215.00) on shares of Reddit in a research note on Friday, July 31st. Morgan Stanley reduced their target price on shares of Reddit from $240.00 to $210.00 and set an “overweight” rating for the company in a report on Friday, August 21st. Citigroup reaffirmed a “market outperform” rating on shares of Reddit in a report on Monday, August 24th. Finally, Deutsche Bank Aktiengesellschaft set a $200.00 price target on Reddit in a research report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $221.10.

Insider Activity

In other Reddit news, COO Jennifer L. Wong sold 75,000 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $178.55, for a total value of $13,391,250.00. Following the completion of the transaction, the chief operating officer owned 1,050,339 shares in the company, valued at approximately $187,538,028.45. This represents a 6.66% decrease in their ownership of the stock. 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 stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $178.16, for a total transaction of $3,206,880.00. Following the sale, the chief executive officer directly owned 373,814 shares in the company, valued at approximately $66,598,702.24. The trade was a 4.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 192,102 shares of company stock worth $33,710,892 over the last three months. Corporate insiders own 28.48% of the company’s stock.

Reddit Trading Down 0.9%

Reddit stock opened at $152.63 on Friday. The firm has a market cap of $29.37 billion, a PE ratio of 35.50, a P/E/G ratio of 0.51 and a beta of 2.03. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95. The stock’s 50 day simple moving average is $171.76 and its two-hundred day simple moving average is $158.39.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.30. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The firm had revenue of $804.91 million during the quarter, compared to analyst estimates of $731.00 million. During the same period in the previous year, the firm earned $0.45 EPS. The business’s quarterly revenue was up 61.0% on a year-over-year basis. On average, equities research analysts forecast that Reddit Inc. will post 5.27 EPS for the current year.

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.