Swiss National Bank Grows Position in Reddit Inc. $RDDT

Swiss National Bank grew its position in Reddit Inc. (NYSE:RDDT) by 42.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 299,500 shares of the company’s stock after acquiring an additional 89,800 shares during the quarter. Swiss National Bank owned 0.16% of Reddit worth $68,882,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Raiffeisen Bank International AG bought a new stake in Reddit in the third quarter worth $25,000. GW&K Investment Management LLC purchased a new stake in Reddit during the third quarter valued at $30,000. Cornerstone Planning Group LLC lifted its position in Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in shares of Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Reddit by 8,650.0% in the 3rd quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after buying an additional 173 shares in the last quarter.

Insider Buying and Selling at Reddit

In related news, COO Jennifer L. Wong sold 39,167 shares of the business’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $234.37, for a total transaction of $9,179,569.79. Following the completion of the transaction, the chief operating officer owned 1,184,528 shares in the company, valued at $277,617,827.36. The trade was a 3.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 55,005 shares of the company’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $221.21, for a total value of $12,167,656.05. Following the completion of the transaction, the insider directly owned 62,608 shares in the company, valued at $13,849,515.68. This trade represents a 46.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 433,335 shares of company stock valued at $89,139,359. 34.25% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

RDDT has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $285.00 target price on shares of Reddit in a research report on Tuesday, January 20th. Oppenheimer dropped their price target on Reddit from $300.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, February 6th. Evercore reissued an “outperform” rating and set a $290.00 price objective on shares of Reddit in a research note on Friday, February 6th. Wall Street Zen lowered Reddit from a “buy” rating to a “hold” rating in a research note on Saturday, March 7th. Finally, Robert W. Baird set a $200.00 target price on Reddit in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $236.00.

Reddit Trading Up 2.3%

Reddit stock opened at $137.24 on Thursday. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95. The firm has a 50-day moving average price of $181.75 and a 200-day moving average price of $206.15. The firm has a market capitalization of $26.22 billion, a PE ratio of 52.38, a price-to-earnings-growth ratio of 0.98 and a beta of 2.40.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, beating the consensus estimate of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The company had revenue of $725.61 million for the quarter, compared to the consensus estimate of $665.80 million. During the same period in the prior year, the firm posted $0.36 EPS. The firm’s revenue was up 69.7% compared to the same quarter last year. As a group, sell-side analysts predict that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Reddit Company Profile

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.