Principal Financial Group Inc. Has $25.82 Million Holdings in Reddit Inc. $RDDT

Principal Financial Group Inc. lessened its holdings in shares of Reddit Inc. (NYSE:RDDT) by 20.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 191,729 shares of the company’s stock after selling 48,759 shares during the quarter. Principal Financial Group Inc.’s holdings in Reddit were worth $25,816,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. Ascentis Independent Advisors acquired a new stake in shares of Reddit during the first quarter worth approximately $30,000. LOM Asset Management Ltd purchased a new stake in Reddit in the 4th quarter worth approximately $33,000. Geneos Wealth Management Inc. lifted its position in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Reddit during the 1st quarter valued at $43,000. Finally, Summit Securities Group LLC acquired a new stake in shares of Reddit during the 4th quarter valued at $46,000.

Insider Activity

In related news, COO Jennifer L. Wong sold 39,166 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total transaction of $6,930,032.04. Following the completion of the transaction, the chief operating officer owned 1,050,339 shares in the company, valued at approximately $185,846,982.66. The trade was a 3.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of Reddit stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total transaction of $161,600.00. Following the transaction, the chief accounting officer directly owned 15,060 shares in the company, valued at approximately $3,012,000. This represents a 5.09% 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. In the last ninety days, insiders have sold 169,141 shares of company stock worth $28,680,845. Company insiders own 28.48% of the company’s stock.

Reddit Stock Up 0.5%

Shares of NYSE:RDDT opened at $182.08 on Tuesday. The company has a market cap of $35.05 billion, a price-to-earnings ratio of 52.02 and a beta of 1.93. The business has a 50 day moving average price of $173.23 and a 200 day moving average price of $168.93. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.62 by $0.39. The firm had revenue of $663.41 million during the quarter, compared to analysts’ expectations of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business’s quarterly revenue was up 69.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.13 EPS. Analysts anticipate that Reddit Inc. will post 4.85 EPS for the current year.

Wall Street Analysts Forecast Growth

RDDT has been the topic of several research analyst reports. Jefferies Financial Group set a $250.00 price target on shares of Reddit in a report on Friday, July 10th. The Goldman Sachs Group reissued a “neutral” rating and set a $200.00 price objective on shares of Reddit in a research report on Friday, May 1st. DA Davidson restated a “buy” rating and issued a $200.00 target price on shares of Reddit in a research note on Friday, May 1st. Piper Sandler reaffirmed an “overweight” rating and issued a $215.00 target price on shares of Reddit in a research report on Thursday, July 9th. Finally, Loop Capital reaffirmed a “buy” rating and set a $260.00 price target on shares of Reddit in a research note on Thursday, June 4th. Nineteen investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $232.48.

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.