1,618,511 Shares in Reddit Inc. $RDDT Bought by Norges Bank

Norges Bank acquired a new position in Reddit Inc. (NYSE:RDDT) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,618,511 shares of the company’s stock, valued at approximately $372,047,000.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Reddit by 12.9% during the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after purchasing an additional 1,401,293 shares during the period. Optimize Financial Inc acquired a new position in shares of Reddit during the third quarter valued at about $1,420,000. Truist Financial Corp raised its holdings in shares of Reddit by 67.7% during the fourth quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock valued at $3,600,000 after purchasing an additional 6,321 shares during the period. Swiss Life Asset Management Ltd raised its holdings in shares of Reddit by 63.2% during the fourth quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock valued at $7,357,000 after purchasing an additional 12,398 shares during the period. Finally, WT Asset Management Ltd acquired a new position in shares of Reddit during the third quarter valued at about $92,973,000.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 15,500 shares of the firm’s stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the sale, the chief technology officer owned 38,413 shares in the company, valued at approximately $5,787,686.71. This trade represents a 28.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed 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 Reddit stock in a transaction on Friday, May 15th. The stock was sold at an average price of $157.15, for a total transaction of $2,828,700.00. Following the completion of the transaction, the chief executive officer owned 411,195 shares in the company, valued at approximately $64,619,294.25. The trade was a 4.19% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 241,999 shares of company stock worth $36,678,168. 34.25% of the stock is currently owned by corporate insiders.

Reddit Trading Up 0.9%

RDDT opened at $177.56 on Tuesday. The company has a 50 day moving average of $150.34 and a 200 day moving average of $177.84. The company has a market cap of $34.18 billion, a PE ratio of 50.73 and a beta of 1.85. Reddit Inc. has a 12 month low of $109.16 and a 12 month high of $282.95.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. During the same period in the prior year, the company posted $0.13 EPS. The business’s revenue for the quarter was up 69.1% compared to the same quarter last year. Research analysts forecast that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RDDT has been the subject of several recent research reports. DA Davidson reissued a “buy” rating and set a $200.00 target price on shares of Reddit in a research report on Friday, May 1st. Evercore reissued an “outperform” rating and set a $290.00 target price on shares of Reddit in a research report on Friday, February 6th. Robert W. Baird set a $200.00 price objective on shares of Reddit in a report on Friday, February 6th. Oppenheimer reaffirmed an “outperform” rating and issued a $225.00 price objective on shares of Reddit in a research report on Friday, May 1st. Finally, Rothschild & Co Redburn set a $110.00 price objective on shares of Reddit in a research note on Monday, April 27th. One research 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 company’s stock. Based on data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $228.61.

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.