Nordea Investment Management AB Acquires 47,187 Shares of Reddit Inc. $RDDT

Nordea Investment Management AB boosted its holdings in shares of Reddit Inc. (NYSE:RDDT) by 4.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,151,360 shares of the company’s stock after buying an additional 47,187 shares during the quarter. Nordea Investment Management AB’s holdings in Reddit were worth $265,273,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in RDDT. Vanguard Group Inc. boosted its stake in shares of Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after acquiring an additional 1,401,293 shares during the last quarter. State Street Corp increased its stake in shares of Reddit by 22.3% in the 3rd quarter. State Street Corp now owns 2,481,931 shares of the company’s stock worth $570,819,000 after purchasing an additional 451,792 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Reddit by 7.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,051,175 shares of the company’s stock worth $308,846,000 after purchasing an additional 143,680 shares in the last quarter. Norges Bank bought a new position in Reddit in the 2nd quarter worth $294,254,000. Finally, Bank of America Corp DE lifted its position in Reddit by 38.4% during the third quarter. Bank of America Corp DE now owns 1,724,560 shares of the company’s stock valued at $396,632,000 after purchasing an additional 478,095 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RDDT. Morgan Stanley set a $240.00 price target on Reddit in a research report on Friday, February 6th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Reddit in a research report on Monday, December 29th. Roth Mkm boosted their price objective on Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a research note on Friday, January 30th. Zacks Research lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Friday, December 26th. Finally, Needham & Company LLC restated a “buy” rating and set a $300.00 target price on shares of Reddit in a research note on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $242.19.

Reddit Trading Up 1.5%

Shares of RDDT opened at $140.18 on Friday. The business’s 50 day moving average is $166.67 and its 200 day moving average is $202.11. The company has a market capitalization of $26.78 billion, a PE ratio of 53.50, a price-to-earnings-growth ratio of 1.02 and a beta of 2.40. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95.

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

Insider Transactions at Reddit

In related news, insider Benjamin Seong Lee sold 27,930 shares of the firm’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $260.08, for a total transaction of $7,264,034.40. Following the completion of the transaction, the insider directly owned 62,608 shares of the company’s stock, valued at approximately $16,283,088.64. This trade represents a 30.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Sarah E. Farrell bought 43,800 shares of Reddit stock in a transaction dated Tuesday, February 10th. The stock was purchased at an average cost of $149.52 per share, for a total transaction of $6,548,976.00. Following the completion of the acquisition, the director directly owned 43,800 shares of the company’s stock, valued at approximately $6,548,976. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have bought 61,000 shares of company stock valued at $8,870,815 and have sold 359,578 shares valued at $67,335,283. 34.25% of the stock is owned by corporate insiders.

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.