Reddit Inc. $RDDT Stock Purchased by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Reddit Inc. (NYSE:RDDT) by 34.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 25,367 shares of the company’s stock after acquiring an additional 6,482 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Reddit were worth $3,613,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Senvest Management LLC bought a new position in shares of Reddit during the first quarter worth approximately $48,392,000. Wellington Management Group LLP lifted its holdings in Reddit by 21.8% during the 2nd quarter. Wellington Management Group LLP now owns 1,564,535 shares of the company’s stock worth $271,572,000 after purchasing an additional 280,030 shares during the last quarter. Styrax Capital LP acquired a new stake in Reddit during the 2nd quarter worth approximately $43,395,000. State Street Corp lifted its holdings in 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 purchasing an additional 237,523 shares during the last quarter. Finally, Light Street Capital Management LLC bought a new stake in Reddit in the 2nd quarter valued at $31,678,000.

Reddit Price Performance

Shares of Reddit stock opened at $150.25 on Friday. The company’s 50 day moving average price is $153.99 and its two-hundred day moving average price is $162.15. The firm has a market capitalization of $28.91 billion, a P/E ratio of 34.94, a P/E/G ratio of 0.71 and a beta of 2.05. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $263.50.

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

Analyst Ratings Changes

RDDT has been the topic of a number of research reports. Wall Street Zen lowered Reddit from a “buy” rating to a “hold” rating in a report on Sunday, August 9th. Piper Sandler reissued an “overweight” rating and set a $195.00 target price (down from $215.00) on shares of Reddit in a report on Friday, July 31st. Evercore reissued an “outperform” rating and issued a $265.00 target price on shares of Reddit in a research report on Friday, July 31st. DA Davidson reduced their target price on shares of Reddit from $200.00 to $185.00 and set a “buy” rating for the company in a research report on Friday, September 18th. Finally, Guggenheim restated a “buy” rating on shares of Reddit in a research note on Wednesday, September 16th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and a consensus price target of $219.29.

Insiders Place Their Bets

In related news, CEO Steve Huffman sold 18,000 shares of Reddit stock in a transaction on Friday, August 14th. The shares were sold at an average price of $178.16, for a total transaction of $3,206,880.00. Following the completion of the transaction, the chief executive officer owned 373,814 shares of the company’s stock, valued at $66,598,702.24. This trade represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer Wong sold 75,000 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $178.55, for a total value of $13,391,250.00. Following the completion of the transaction, the chief operating officer directly owned 1,050,339 shares in the company, valued at $187,538,028.45. This represents a 6.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 306,052 shares of company stock worth $49,754,523. 28.48% of the stock is currently owned by insiders.

Reddit Profile

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and activities. Members can submit text posts, links, images and videos, as well as comment on and vote on content. The platform includes thousands of communities, commonly known as subreddits, covering subjects such as news, entertainment, technology, sports, finance and lifestyle.

Reddit generates revenue primarily through digital advertising, offering advertisers access to audiences based on community interests and user engagement.