Northwestern Mutual Wealth Management Co. Has $42 Million Position in Reddit Inc. $RDDT

Northwestern Mutual Wealth Management Co. grew its position in Reddit Inc. (NYSE:RDDT) by 17.5% in the second quarter, HoldingsChannel.com reports. The fund owned 241,980 shares of the company’s stock after buying an additional 36,090 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Reddit were worth $42,003,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Truist Financial Corp raised its stake in Reddit by 67.7% in the 4th quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock valued at $3,600,000 after acquiring an additional 6,321 shares during the period. Swiss Life Asset Management Ltd boosted its position in Reddit by 63.2% during the fourth quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock worth $7,357,000 after purchasing an additional 12,398 shares during the period. Wellington Management Group LLP increased its holdings in shares of Reddit by 21.8% in the second quarter. Wellington Management Group LLP now owns 1,564,535 shares of the company’s stock valued at $271,572,000 after purchasing an additional 280,030 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in shares of Reddit by 22.9% in the fourth quarter. Handelsbanken Fonder AB now owns 37,000 shares of the company’s stock valued at $8,505,000 after purchasing an additional 6,900 shares during the last quarter. Finally, Berkshire Capital Holdings Inc. raised its position in shares of Reddit by 326,400.0% in the fourth quarter. Berkshire Capital Holdings Inc. now owns 32,650 shares of the company’s stock valued at $7,505,000 after purchasing an additional 32,640 shares during the period.

Insider Activity

In other news, COO Jennifer L. Wong sold 75,000 shares of Reddit stock in a transaction on Friday, August 14th. The stock was sold at an average price of $178.55, for a total value of $13,391,250.00. Following the transaction, the chief operating officer owned 1,050,339 shares in the company, valued at approximately $187,538,028.45. This trade represents a 6.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $178.16, for a total value of $3,206,880.00. Following the sale, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $66,598,702.24. This represents a 4.59% 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. Insiders sold 192,102 shares of company stock valued at $33,710,892 in the last 90 days. 28.48% of the stock is owned by corporate insiders.

Reddit Price Performance

Shares of NYSE RDDT opened at $144.25 on Wednesday. The stock has a market capitalization of $27.75 billion, a PE ratio of 33.55, a P/E/G ratio of 0.49 and a beta of 2.02. The business has a fifty day moving average price of $170.91 and a two-hundred day moving average price of $158.53. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, July 30th. The company reported $1.25 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $731.00 million. During the same period in the prior year, the firm posted $0.45 EPS. Reddit’s quarterly revenue was up 61.0% on a year-over-year basis. On average, equities analysts expect that Reddit Inc. will post 5.27 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on RDDT shares. Cantor Fitzgerald cut their target price on shares of Reddit from $200.00 to $170.00 and set a “neutral” rating for the company in a research note on Friday, July 31st. Robert W. Baird set a $185.00 price target on shares of Reddit in a report on Friday, July 31st. DA Davidson restated a “buy” rating and set a $200.00 price objective on shares of Reddit in a research report on Thursday, July 23rd. Jefferies Financial Group set a $250.00 price objective on Reddit in a report on Friday, July 10th. Finally, Oppenheimer dropped their price target on Reddit from $225.00 to $200.00 and set an “outperform” rating for the company in a report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of $221.10.

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.