Legal & General Group Plc Sells 17,704 Shares of Reddit Inc. $RDDT

Legal & General Group Plc decreased its position in Reddit Inc. (NYSE:RDDT) by 5.6% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 300,836 shares of the company’s stock after selling 17,704 shares during the period. Legal & General Group Plc’s holdings in Reddit were worth $69,153,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. SLT Holdings LLC increased its position in Reddit by 5.3% during the 4th quarter. SLT Holdings LLC now owns 6,000 shares of the company’s stock valued at $1,379,000 after purchasing an additional 300 shares during the period. Simplify Asset Management Inc. purchased a new position in Reddit during the 4th quarter valued at $226,000. Swedbank AB increased its position in Reddit by 1.1% during the 4th quarter. Swedbank AB now owns 52,081 shares of the company’s stock valued at $11,972,000 after purchasing an additional 556 shares during the period. Pathfinder Wealth Consulting Inc. purchased a new position in Reddit during the 4th quarter valued at $202,000. Finally, Berkshire Capital Holdings Inc. increased its position in Reddit by 326,400.0% during the 4th quarter. Berkshire Capital Holdings Inc. now owns 32,650 shares of the company’s stock valued at $7,505,000 after purchasing an additional 32,640 shares during the period.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Rothschild & Co Redburn set a $110.00 price objective on shares of Reddit in a research report on Monday, April 27th. Weiss Ratings reissued a “hold (c)” rating on shares of Reddit in a research report on Friday, May 8th. Raymond James Financial set a $180.00 price objective on shares of Reddit and gave the company a “market perform” rating in a research report on Friday, May 1st. Oppenheimer reissued an “outperform” rating and set a $225.00 price objective on shares of Reddit in a research report on Friday, May 1st. Finally, Evercore reissued an “outperform” rating and set a $290.00 price objective on shares of Reddit in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have given a Hold rating to the company. 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

In other news, Director Sarah E. Farrell purchased 10,500 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The shares were bought at an average price of $132.26 per share, for a total transaction of $1,388,730.00. Following the purchase, the director directly owned 61,000 shares in the company, valued at approximately $8,067,860. This trade represents a 20.79% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 15,500 shares of the company’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the completion of the transaction, the chief technology officer owned 38,413 shares in the company, valued at approximately $5,787,686.71. The trade was a 28.75% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 241,999 shares of company stock worth $36,678,168. 34.25% of the stock is currently owned by company insiders.

Reddit Trading Up 5.2%

Shares of RDDT stock opened at $176.41 on Friday. Reddit Inc. has a 12 month low of $106.34 and a 12 month high of $282.95. The stock has a market cap of $33.96 billion, a PE ratio of 50.40 and a beta of 1.85. The company’s fifty day moving average price is $149.56 and its 200-day moving average price is $178.23.

Reddit (NYSE:RDDT) last announced its earnings results 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 firm had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. During the same quarter in the previous year, the business posted $0.13 EPS. The company’s quarterly revenue was up 69.1% on a year-over-year basis. On average, sell-side 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.