Vilga Financial Planning LLC Acquires New Position in Reddit Inc. $RDDT

Vilga Financial Planning LLC acquired a new stake in Reddit Inc. (NYSE:RDDT) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 5,386 shares of the company’s stock, valued at approximately $767,000.

A number of other institutional investors also recently modified their holdings of RDDT. State Street Corp increased its stake in Reddit by 8.7% in the second quarter. State Street Corp now owns 2,979,587 shares of the company’s stock valued at $517,197,000 after purchasing an additional 237,523 shares in the last quarter. Lord Abbett & CO. LLC lifted its position in Reddit by 30.3% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,263,529 shares of the company’s stock valued at $290,447,000 after acquiring an additional 293,743 shares in the last quarter. Wellington Management Group LLP lifted its position in Reddit by 21.8% in the 2nd quarter. Wellington Management Group LLP now owns 1,564,535 shares of the company’s stock valued at $271,572,000 after acquiring an additional 280,030 shares in the last quarter. Franklin Resources Inc. boosted its stake in Reddit by 27.2% during the 4th quarter. Franklin Resources Inc. now owns 501,140 shares of the company’s stock valued at $115,197,000 after purchasing an additional 107,249 shares during the last quarter. Finally, DSM Capital Partners LLC boosted its stake in Reddit by 5.3% during the 1st quarter. DSM Capital Partners LLC now owns 848,206 shares of the company’s stock valued at $114,211,000 after purchasing an additional 42,808 shares during the last quarter.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $156.66 on Friday. The company has a market capitalization of $30.14 billion, a P/E ratio of 36.43, a price-to-earnings-growth ratio of 0.71 and a beta of 2.05. The company’s 50-day moving average is $153.93 and its 200 day moving average is $160.61. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $263.50.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $0.95 by $0.30. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The business had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. During the same quarter in the previous year, the firm posted $0.45 earnings per share. The company’s revenue for the quarter was up 61.0% on a year-over-year basis. As a group, research analysts predict that Reddit Inc. will post 5.27 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on RDDT. Jefferies Financial Group set a $250.00 target price on Reddit in a research report on Friday, July 10th. Citigroup restated a “market outperform” rating on shares of Reddit in a research note on Monday, August 24th. Sanford C. Bernstein restated a “market perform” rating and set a $180.00 price objective on shares of Reddit in a research note on Friday, July 31st. B. Riley Financial lifted their price objective on shares of Reddit from $250.00 to $270.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Finally, Evercore reiterated an “outperform” rating and issued a $265.00 target price on shares of Reddit in a research note on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $219.29.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 60,000 shares of the stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $162.33, for a total transaction of $9,739,800.00. Following the completion of the sale, the chief operating officer directly owned 1,012,226 shares in the company, valued at $164,314,646.58. This represents a 5.60% decrease in their position. 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, Director Robert A. Sauerberg sold 5,128 shares of the business’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $159.92, for a total transaction of $820,069.76. Following the completion of the transaction, the director owned 27,087 shares in the company, valued at $4,331,753.04. The trade was a 15.92% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 228,744 shares of company stock valued at $37,976,994. Company insiders own 28.48% of the company’s stock.

Reddit Company Profile

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and experiences. Registered users can submit posts, images, videos and links, while other users can comment, vote on content and engage in discussions. The platform comprises thousands of independently moderated communities, commonly known as subreddits.

Reddit generates revenue primarily through digital advertising and other commercial offerings for businesses.