Keystone Investors PTE Ltd. Invests $10.38 Million in Reddit Inc. $RDDT

Keystone Investors PTE Ltd. bought a new position in shares of Reddit Inc. (NYSE:RDDT) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 45,169 shares of the company’s stock, valued at approximately $10,383,000. Reddit accounts for about 0.9% of Keystone Investors PTE Ltd.’s investment portfolio, making the stock its 24th largest holding.

Other institutional investors and hedge funds also recently modified their holdings of the company. Raiffeisen Bank International AG acquired a new stake in shares of Reddit during the third quarter worth $25,000. GW&K Investment Management LLC acquired a new stake in shares of Reddit during the third quarter worth $30,000. LOM Asset Management Ltd acquired a new position in Reddit during the fourth quarter valued at $33,000. Noble Wealth Management PBC acquired a new position in Reddit during the fourth quarter valued at $34,000. Finally, Sound Income Strategies LLC acquired a new position in Reddit during the fourth quarter valued at $47,000.

Reddit Price Performance

Shares of RDDT stock opened at $162.11 on Friday. Reddit Inc. has a fifty-two week low of $112.30 and a fifty-two week high of $282.95. The stock’s 50-day moving average is $157.38 and its two-hundred day moving average is $176.88. The firm has a market cap of $31.21 billion, a P/E ratio of 46.32 and a beta of 1.91.

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

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $174.13, for a total value of $3,134,340.00. Following the transaction, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at $65,092,231.82. This represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $161.47, for a total value of $6,324,295.49. Following the completion of the transaction, the chief operating officer directly owned 1,088,451 shares in the company, valued at approximately $175,752,182.97. The trade was a 3.47% 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. Insiders have sold a total of 232,499 shares of company stock valued at $36,123,803 in the last three months. Insiders own 28.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RDDT. Piper Sandler reissued an “overweight” rating and set a $215.00 price target (up from $205.00) on shares of Reddit in a research report on Friday, May 1st. Weiss Ratings reissued a “hold (c)” rating on shares of Reddit in a research report on Friday, May 8th. Jefferies Financial Group dropped their price target on Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a research report on Tuesday, March 10th. Raymond James Financial set a $180.00 price target on Reddit and gave the company a “market perform” rating in a research report on Friday, May 1st. Finally, Truist Financial set a $265.00 price target on Reddit in a research report on Friday, May 1st. Eighteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus target price of $230.75.

Reddit 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.