Reddit Inc. $RDDT Shares Acquired by Swiss Life Asset Management Ltd

Swiss Life Asset Management Ltd increased its stake in Reddit Inc. (NYSE:RDDT) by 63.2% during the 4th quarter, HoldingsChannel reports. The firm owned 32,003 shares of the company’s stock after acquiring an additional 12,398 shares during the period. Swiss Life Asset Management Ltd’s holdings in Reddit were worth $7,357,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RDDT. Raiffeisen Bank International AG acquired a new stake in Reddit in the third quarter worth $25,000. GW&K Investment Management LLC acquired a new position in shares of Reddit during the third quarter valued at $30,000. Cornerstone Planning Group LLC grew its position in shares of Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after acquiring an additional 135 shares during the last quarter. LOM Asset Management Ltd bought a new position in shares of Reddit during the fourth quarter worth about $33,000. Finally, Noble Wealth Management PBC acquired a new stake in shares of Reddit in the 4th quarter worth about $34,000.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on RDDT shares. Piper Sandler reissued an “overweight” rating and set a $215.00 target price (up from $205.00) on shares of Reddit in a research note on Friday, May 1st. B. Riley Financial boosted their price objective on Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Weiss Ratings restated a “hold (c)” rating on shares of Reddit in a research report on Friday, May 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 target price on shares of Reddit in a research note on Friday, May 1st. Finally, Rothschild & Co Redburn set a $110.00 price target on Reddit in a research report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $228.61.

Reddit Price Performance

Reddit stock opened at $154.55 on Thursday. Reddit Inc. has a 12-month low of $94.89 and a 12-month high of $282.95. The stock has a market capitalization of $29.75 billion, a PE ratio of 44.16 and a beta of 1.85. The firm has a 50 day simple moving average of $146.04 and a 200-day simple moving average of $182.14.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.62 by $0.39. The firm had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm’s quarterly revenue was up 69.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.13 earnings per share. On average, analysts forecast that Reddit Inc. will post 4.78 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other news, Director Sarah E. Farrell acquired 10,500 shares of the business’s stock in a transaction dated Friday, March 13th. The stock was acquired at an average price of $132.26 per share, for a total transaction of $1,388,730.00. Following the completion of the acquisition, the director directly owned 61,000 shares in the company, valued at $8,067,860. This represents a 20.79% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $171.80, for a total value of $3,092,400.00. Following the transaction, the chief executive officer directly owned 411,195 shares of the company’s stock, valued at $70,643,301. This represents a 4.19% decrease in their position. 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 sold a total of 286,977 shares of company stock worth $42,249,539 over the last 90 days. 34.25% of the stock is currently owned by corporate insiders.

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.