Simplicity Wealth LLC Purchases Shares of 10,776 Reddit Inc. $RDDT

Simplicity Wealth LLC acquired a new stake in Reddit Inc. (NYSE:RDDT) in the 3rd quarter, Holdings Channel reports. The firm acquired 10,776 shares of the company’s stock, valued at approximately $2,478,000.

A number of other institutional investors and hedge funds have also made changes to their positions in RDDT. Vanguard Group Inc. raised its holdings in Reddit by 6.3% in the second quarter. Vanguard Group Inc. now owns 10,837,215 shares of the company’s stock valued at $1,631,759,000 after acquiring an additional 638,663 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Reddit by 7.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,051,175 shares of the company’s stock worth $308,846,000 after acquiring an additional 143,680 shares in the last quarter. State Street Corp increased its position in shares of Reddit by 138.5% in the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after purchasing an additional 1,178,890 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Reddit by 72.1% in the 2nd quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company’s stock valued at $299,044,000 after purchasing an additional 833,245 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Reddit in the 2nd quarter valued at $294,254,000.

Reddit Stock Up 2.3%

Shares of NYSE RDDT opened at $214.96 on Friday. The business has a 50-day moving average price of $224.95 and a 200 day moving average price of $212.09. The stock has a market cap of $40.73 billion, a PE ratio of 123.54, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, October 30th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.50 by $0.30. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The company had revenue of $584.91 million for the quarter, compared to analyst estimates of $546.65 million. During the same quarter in the previous year, the company posted $0.16 earnings per share. The firm’s revenue was up 67.9% compared to the same quarter last year. Sell-side analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on RDDT shares. Morgan Stanley boosted their target price on shares of Reddit from $250.00 to $265.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 13th. Wall Street Zen cut Reddit from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. UBS Group set a $265.00 price objective on Reddit in a report on Tuesday, January 13th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $285.00 target price on shares of Reddit in a research note on Tuesday. Finally, Cantor Fitzgerald assumed coverage on Reddit in a report on Thursday, January 8th. They issued a “neutral” rating and a $240.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average target price of $244.11.

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 63,427 shares of Reddit stock in a transaction on Monday, November 24th. The shares were sold at an average price of $192.72, for a total value of $12,223,651.44. Following the transaction, the chief operating officer directly owned 1,184,528 shares in the company, valued at approximately $228,282,236.16. The trade was a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Christopher Brian Slowe sold 24,000 shares of the company’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $192.72, for a total transaction of $4,625,280.00. Following the completion of the sale, the chief technology officer directly owned 175,694 shares of the company’s stock, valued at $33,859,747.68. The trade was a 12.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 509,511 shares of company stock valued at $111,394,344. Insiders own 34.25% of the company’s stock.

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.