Reddit Inc. $RDDT Shares Bought by Harvest Portfolios Group Inc.

Harvest Portfolios Group Inc. grew its holdings in shares of Reddit Inc. (NYSE:RDDT) by 4,883.7% in the fourth quarter, HoldingsChannel reports. The fund owned 225,064 shares of the company’s stock after buying an additional 220,548 shares during the period. Harvest Portfolios Group Inc.’s holdings in Reddit were worth $51,735,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in RDDT. Raiffeisen Bank International AG acquired a new position in Reddit during the 3rd quarter worth $25,000. GW&K Investment Management LLC acquired a new position in Reddit during the 3rd quarter worth $30,000. Cornerstone Planning Group LLC boosted its position in Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after acquiring an additional 135 shares during the period. LOM Asset Management Ltd acquired a new position in Reddit during the 4th quarter worth $33,000. Finally, Noble Wealth Management PBC acquired a new position in Reddit during the 4th quarter worth $34,000.

Insider Activity

In other news, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at $175,752,182.97. This represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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, May 15th. The shares were sold at an average price of $157.15, for a total value of $2,828,700.00. Following the sale, the chief executive officer directly owned 411,195 shares of the company’s stock, valued at approximately $64,619,294.25. This represents a 4.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 286,977 shares of company stock valued at $42,579,659 over the last three months. Insiders own 34.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on RDDT shares. Morgan Stanley set a $240.00 price target on Reddit in a research report on Friday, February 6th. Oppenheimer reiterated an “outperform” rating and set a $225.00 price target on shares of Reddit in a research report on Friday, May 1st. Jefferies Financial Group cut their price objective on Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a report on Tuesday, March 10th. Truist Financial set a $265.00 price objective on Reddit in a report on Friday, May 1st. Finally, Robert W. Baird set a $200.00 price objective on Reddit in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $228.61.

Reddit Stock Down 2.7%

Shares of Reddit stock opened at $154.76 on Wednesday. The firm has a market cap of $29.79 billion, a price-to-earnings ratio of 44.22 and a beta of 1.85. The business has a fifty day simple moving average of $147.08 and a 200-day simple moving average of $180.52. Reddit Inc. has a fifty-two week low of $94.89 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.39. The business had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company’s revenue was up 69.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.13 earnings per share. Analysts anticipate that Reddit Inc. will post 4.83 earnings per share 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.