Reddit Inc. $RDDT Shares Acquired by Fagan Associates Inc.

Fagan Associates Inc. grew its position in Reddit Inc. (NYSE:RDDT) by 339.5% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,142 shares of the company’s stock after buying an additional 3,972 shares during the period. Fagan Associates Inc.’s holdings in Reddit were worth $732,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. State Street Corp raised its stake in shares of Reddit by 8.7% during the 2nd quarter. State Street Corp now owns 2,979,587 shares of the company’s stock worth $517,197,000 after acquiring an additional 237,523 shares in the last quarter. Wellington Management Group LLP lifted its position in Reddit by 21.8% during the second 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 during the last quarter. DSM Capital Partners LLC lifted its position in Reddit by 5.3% during the first quarter. DSM Capital Partners LLC now owns 848,206 shares of the company’s stock valued at $114,211,000 after acquiring an additional 42,808 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Reddit by 8.9% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 481,893 shares of the company’s stock valued at $83,647,000 after acquiring an additional 39,540 shares in the last quarter. Finally, Bessemer Group Inc. boosted its stake in Reddit by 2.4% in the first quarter. Bessemer Group Inc. now owns 469,907 shares of the company’s stock valued at $63,273,000 after acquiring an additional 10,996 shares in the last quarter.

Insider Transactions at Reddit

In related news, Director Robert A. Sauerberg sold 5,128 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $159.92, for a total value 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. This trade represents a 15.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Steve Huffman sold 17,308 shares of the firm’s stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $144.87, for a total value of $2,507,409.96. Following the completion of the transaction, the chief executive officer owned 336,432 shares of the company’s stock, valued at $48,738,903.84. This trade represents a 4.89% 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. Over the last ninety days, insiders sold 228,744 shares of company stock worth $37,976,994. Company insiders own 28.48% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on RDDT. Oppenheimer cut their price target on shares of Reddit from $225.00 to $200.00 and set an “outperform” rating on the stock in a report on Friday, July 31st. UBS Group reiterated a “buy” rating on shares of Reddit in a report on Friday, July 31st. Raymond James Financial reiterated a “strong-buy” rating and set a $205.00 price objective on shares of Reddit in a report on Monday, August 17th. Wall Street Zen cut Reddit from a “buy” rating to a “hold” rating in a research report on Sunday, August 9th. Finally, Wedbush dropped their target price on Reddit from $250.00 to $221.00 and set an “outperform” rating on the stock in a research note on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, Reddit has an average rating of “Moderate Buy” and an average target price of $219.29.

Reddit Stock Performance

RDDT stock traded down $4.71 during trading on Tuesday, reaching $155.22. The company had a trading volume of 4,924,565 shares, compared to its average volume of 5,395,526. The firm has a 50-day simple moving average of $154.31 and a 200-day simple moving average of $161.01. The company has a market cap of $29.86 billion, a price-to-earnings ratio of 36.10, a price-to-earnings-growth ratio of 0.74 and a beta of 2.05. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $263.50.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.30. The business had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. Reddit’s revenue for the quarter was up 61.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.45 EPS. Sell-side analysts expect that Reddit Inc. will post 5.27 earnings per share for the current year.

Reddit 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.