Thrivent Financial for Lutherans Purchases Shares of 288,802 Reddit Inc. $RDDT

Thrivent Financial for Lutherans purchased a new stake in shares of Reddit Inc. (NYSE:RDDT) during the fourth quarter, Holdings Channel.com reports. The firm purchased 288,802 shares of the company’s stock, valued at approximately $66,387,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Central Asset Investments & Management Holdings HK Ltd grew its position in Reddit by 142.8% during the fourth quarter. Central Asset Investments & Management Holdings HK Ltd now owns 2,913 shares of the company’s stock valued at $670,000 after acquiring an additional 1,713 shares during the last quarter. Biltmore Family Office LLC bought a new position in Reddit during the fourth quarter valued at approximately $459,000. Ameritas Advisory Services LLC grew its position in Reddit by 1,177.4% during the fourth quarter. Ameritas Advisory Services LLC now owns 1,354 shares of the company’s stock valued at $311,000 after acquiring an additional 1,248 shares during the last quarter. Independent Advisor Alliance grew its position in Reddit by 23.1% during the fourth quarter. Independent Advisor Alliance now owns 2,384 shares of the company’s stock valued at $548,000 after acquiring an additional 448 shares during the last quarter. Finally, West Tower Group LLC grew its position in Reddit by 28.4% during the fourth quarter. West Tower Group LLC now owns 8,600 shares of the company’s stock valued at $1,977,000 after acquiring an additional 1,900 shares during the last quarter.

Insider Transactions at Reddit

In related news, COO Jennifer L. Wong sold 39,167 shares of the firm’s stock in a transaction on 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 sale, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at $175,752,182.97. This trade represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total value of $2,742,135.80. Following the completion of the sale, the chief technology officer directly owned 185,057 shares of the company’s stock, valued at $26,657,460.85. The trade was a 9.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 268,977 shares of company stock worth $39,750,959. Insiders own 34.25% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on RDDT. Bank of America reduced their price target on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a research report on Thursday, April 2nd. Rothschild & Co Redburn set a $110.00 price target on shares of Reddit in a research report on Monday, April 27th. Citigroup reiterated an “outperform” rating on shares of Reddit in a research report on Friday, May 1st. Cantor Fitzgerald increased their price target on shares of Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Finally, Citizens Jmp cut their target price on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $228.61.

Reddit Stock Performance

Shares of Reddit stock opened at $158.44 on Friday. Reddit Inc. has a 52-week low of $94.89 and a 52-week high of $282.95. The stock has a market capitalization of $30.50 billion, a price-to-earnings ratio of 45.27 and a beta of 1.85. The company’s 50 day moving average price is $146.48 and its 200-day moving average price is $181.56.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. During the same quarter last year, the business earned $0.13 earnings per share. The business’s revenue was up 69.1% on a year-over-year basis. As a group, equities research analysts forecast 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.