Reddit Inc. $RDDT Position Boosted by Bessemer Group Inc.

Bessemer Group Inc. lifted its stake in shares of Reddit Inc. (NYSE:RDDT) by 1,529,603.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 458,911 shares of the company’s stock after purchasing an additional 458,881 shares during the period. Bessemer Group Inc.’s holdings in Reddit were worth $105,489,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of RDDT. Resona Asset Management Co. Ltd. increased its stake in shares of Reddit by 53.2% in the third quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock valued at $7,166,000 after purchasing an additional 10,743 shares during the period. Vanguard Group Inc. increased its stake in shares of Reddit by 12.9% in 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 stake in shares of Reddit in the third quarter valued at approximately $1,420,000. Truist Financial Corp increased its stake in shares of Reddit by 67.7% in 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. Finally, Swiss Life Asset Management Ltd increased its stake in shares of Reddit by 63.2% in 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.

Analysts Set New Price Targets

Several brokerages have commented on RDDT. Evercore restated an “outperform” rating and issued a $290.00 price target on shares of Reddit in a research note on Friday, February 6th. JPMorgan Chase & Co. dropped their price target on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. The Goldman Sachs Group restated a “neutral” rating and issued a $200.00 price target on shares of Reddit in a research note on Friday, May 1st. Robert W. Baird set a $200.00 price target on shares of Reddit in a research note on Friday, February 6th. Finally, Truist Financial set a $265.00 price target on shares of Reddit in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $228.61.

Insider Activity at Reddit

In related news, COO Jennifer L. Wong sold 39,167 shares of the firm’s stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the transaction, the chief operating officer owned 1,088,451 shares in the company, valued at $175,752,182.97. This trade represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 19,036 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $144.05, for a total transaction of $2,742,135.80. Following the transaction, the chief technology officer owned 185,057 shares in the company, valued at $26,657,460.85. This represents a 9.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 268,977 shares of company stock worth $39,750,959 over the last quarter. 34.25% of the stock is currently owned by company insiders.

Reddit Price Performance

NYSE RDDT opened at $158.44 on Friday. Reddit Inc. has a 12 month low of $94.89 and a 12 month high of $282.95. The firm has a market capitalization of $30.50 billion, a PE ratio of 45.27 and a beta of 1.85. The company’s 50 day simple moving average is $146.48 and its 200 day simple moving average is $181.56.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $607.74 million. During the same quarter last year, the business earned $0.13 earnings per share. The business’s revenue for the quarter was up 69.1% on a year-over-year basis. Sell-side analysts anticipate that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

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.