Coatue Management LLC Has $1.36 Billion Stock Holdings in Reddit Inc. $RDDT

Coatue Management LLC trimmed its position in shares of Reddit Inc. (NYSE:RDDT) by 5.0% during the 3rd quarter, HoldingsChannel reports. The fund owned 5,897,540 shares of the company’s stock after selling 311,454 shares during the quarter. Reddit makes up approximately 3.3% of Coatue Management LLC’s investment portfolio, making the stock its 12th biggest holding. Coatue Management LLC’s holdings in Reddit were worth $1,356,375,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. grew its holdings in shares of Reddit by 53.2% during the 3rd quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock worth $7,166,000 after purchasing an additional 10,743 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Reddit by 12.9% in the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after purchasing an additional 1,401,293 shares in the last quarter. Optimize Financial Inc acquired a new position in shares of Reddit in the third quarter valued at $1,420,000. WT Asset Management Ltd bought a new position in Reddit in the third quarter worth $92,973,000. Finally, Wealth Enhancement Advisory Services LLC lifted its position in Reddit by 95.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock worth $3,712,000 after purchasing an additional 7,881 shares during the period.

Insider Activity

In other news, COO Jennifer L. Wong sold 39,167 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $234.37, for a total transaction of $9,179,569.79. Following the completion of the sale, the chief operating officer owned 1,184,528 shares of the company’s stock, valued at approximately $277,617,827.36. This trade represents a 3.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Benjamin Seong Lee sold 55,005 shares of Reddit stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $221.21, for a total transaction of $12,167,656.05. Following the completion of the transaction, the insider owned 62,608 shares of the company’s stock, valued at $13,849,515.68. This trade represents a 46.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 433,335 shares of company stock worth $89,139,359 over the last ninety days. Corporate insiders own 34.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on RDDT shares. UBS Group set a $265.00 price target on shares of Reddit in a report on Tuesday, January 13th. Guggenheim raised their price objective on shares of Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Reddit in a research report on Monday, December 29th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $285.00 target price on shares of Reddit in a research note on Tuesday, January 20th. Finally, Argus set a $300.00 price target on shares of Reddit in a research report on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $236.00.

Reddit Price Performance

Reddit stock opened at $132.21 on Friday. The firm has a market capitalization of $25.26 billion, a P/E ratio of 50.46, a P/E/G ratio of 0.96 and a beta of 2.40. The stock has a fifty day moving average price of $177.60 and a two-hundred day moving average price of $204.92. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95.

Reddit (NYSE:RDDT) last issued its 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 quarter in the previous year, the company earned $0.36 EPS. The firm’s revenue for the quarter was up 69.7% compared to the same quarter last year. On average, equities research analysts predict that Reddit Inc. will post 1.12 EPS for the current fiscal year.

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.