Reddit Inc. $RDDT Shares Newly Bought by Oregon Public Employees Retirement Fund

Oregon Public Employees Retirement Fund purchased a new stake in Reddit Inc. (NYSE:RDDT) during the 3rd quarter, HoldingsChannel reports. The fund purchased 18,000 shares of the company’s stock, valued at approximately $2,564,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sunbelt Securities Inc. boosted its stake in Reddit by 87.5% in the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock worth $26,000 after buying an additional 91 shares in the last quarter. Ascentis Independent Advisors bought a new stake in shares of Reddit in the 1st quarter valued at about $30,000. EverSource Wealth Advisors LLC boosted its holdings in Reddit by 48.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock valued at $34,000 after acquiring an additional 64 shares during the period. Beacon Investment Advisory Services Inc. purchased a new stake in Reddit during the 2nd quarter valued at about $35,000. Finally, Root Financial Partners LLC bought a new position in Reddit during the 3rd quarter worth approximately $41,000.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Roth Capital reaffirmed a “neutral” rating and issued a $145.00 price target on shares of Reddit in a research note on Monday, August 3rd. Wedbush cut their target price on shares of Reddit from $221.00 to $150.00 and set an “outperform” rating on the stock in a report on Friday, October 30th. Wells Fargo & Company decreased their target price on shares of Reddit from $142.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Friday, October 30th. Citizens Jmp cut shares of Reddit from a “market outperform” rating to a “market perform” rating in a research report on Friday, October 30th. Finally, Evercore downgraded shares of Reddit from an “outperform” rating to a “hold” rating and set a $120.00 price objective for the company. in a research note on Monday, November 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and fifteen have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $180.91.

Insiders Place Their Bets

In other news, COO Jennifer L. Wong sold 75,000 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $178.55, for a total value of $13,391,250.00. Following the transaction, the chief operating officer directly owned 1,050,339 shares in the company, valued at $187,538,028.45. This trade represents a 6.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mary Gale sold 3,000 shares of the stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $96.00, for a total transaction of $288,000.00. Following the completion of the transaction, the director owned 18,181 shares in the company, valued at $1,745,376. This trade represents a 14.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 291,052 shares of company stock worth $47,166,483 in the last 90 days. Corporate insiders own 28.48% of the company’s stock.

Reddit Trading Up 1.4%

RDDT traded up $1.31 during trading on Friday, reaching $95.12. The stock had a trading volume of 6,288,291 shares, compared to its average volume of 6,781,794. The company has a market capitalization of $18.30 billion, a price-to-earnings ratio of 19.41, a P/E/G ratio of 0.42 and a beta of 2.28. The stock’s 50 day moving average is $144.38 and its two-hundred day moving average is $156.66. Reddit Inc. has a one year low of $89.28 and a one year high of $263.50.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, October 29th. The company reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.07. Reddit had a net margin of 32.10% and a return on equity of 30.57%. The business had revenue of $894.96 million during the quarter, compared to the consensus estimate of $874.91 million. During the same quarter last year, the firm earned $0.80 earnings per share. The business’s revenue for the quarter was up 53.0% on a year-over-year basis. On average, equities research analysts predict that Reddit Inc. will post 5.42 earnings per share for the current year.

About Reddit

Reddit, Inc operates Reddit, an online platform where users share posts, discuss topics and participate in communities known as subreddits. Members can submit text, images, videos and links, comment on posts, and vote on content, helping shape what appears in each community.

The company generates revenue primarily through advertising and also offers paid subscriptions and other products. Reddit serves users and advertisers around the world through its website and mobile applications.

Reddit was founded in 2005 by Steve Huffman, Alexis Ohanian and Aaron Swartz.