Reddit Inc. $RDDT Shares Bought by TD Asset Management Inc

TD Asset Management Inc lifted its stake in Reddit Inc. (NYSE:RDDT) by 39.7% in the fourth quarter, HoldingsChannel reports. The fund owned 224,334 shares of the company’s stock after purchasing an additional 63,772 shares during the quarter. TD Asset Management Inc’s holdings in Reddit were worth $51,568,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in RDDT. Norges Bank bought a new stake in shares of Reddit in the 4th quarter worth approximately $372,047,000. Vanguard Group Inc. raised its holdings in shares of Reddit by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after purchasing an additional 1,401,293 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Reddit by 419.0% in the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after purchasing an additional 1,201,237 shares in the last quarter. State Street Corp raised its holdings in shares of Reddit by 138.5% in the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after purchasing an additional 1,178,890 shares in the last quarter. Finally, AQR Capital Management LLC bought a new stake in shares of Reddit in the 2nd quarter worth approximately $80,052,000.

Reddit Stock Performance

Reddit stock opened at $173.37 on Friday. The firm has a market cap of $33.38 billion, a PE ratio of 49.53 and a beta of 1.91. The firm’s 50 day moving average price is $153.12 and its two-hundred day moving average price is $177.36. Reddit Inc. has a twelve month low of $110.85 and a twelve month high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.39. The firm had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The company’s revenue for the quarter was up 69.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.13 EPS. Equities analysts anticipate that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Wall Street Zen downgraded shares of Reddit from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Robert W. Baird set a $200.00 target price on shares of Reddit in a report on Friday, February 6th. Raymond James Financial set a $180.00 target price on shares of Reddit and gave the stock a “market perform” rating in a report on Friday, May 1st. The Goldman Sachs Group reiterated a “neutral” rating and issued a $200.00 target price on shares of Reddit in a report on Friday, May 1st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $300.00 target price on shares of Reddit in a report on Friday, May 1st. Eighteen analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $230.75.

Insider Buying and Selling at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 15,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total value of $2,335,385.00. Following the transaction, the chief technology officer owned 38,413 shares in the company, valued at approximately $5,787,686.71. This represents a 28.75% decrease in their position. The transaction was disclosed in a 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, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $171.80, for a total transaction of $3,092,400.00. Following the completion of the transaction, the chief executive officer owned 411,195 shares in the company, valued at approximately $70,643,301. This represents a 4.19% 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 259,999 shares of company stock worth $39,812,508. 28.48% of the stock is currently owned by company 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.