Pacer Advisors Inc. Grows Position in Reddit Inc. $RDDT

Pacer Advisors Inc. grew its holdings in Reddit Inc. (NYSE:RDDT) by 64.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 318,153 shares of the company’s stock after buying an additional 124,394 shares during the quarter. Pacer Advisors Inc.’s holdings in Reddit were worth $73,134,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital World Investors acquired a new position in Reddit during the fourth quarter worth about $1,293,258,000. Norges Bank purchased a new position in Reddit in the 4th quarter worth approximately $372,047,000. Vanguard Group Inc. boosted its holdings 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 purchasing an additional 1,401,293 shares during the last quarter. Invesco Ltd. grew its position in shares of Reddit by 419.0% in the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock valued at $342,212,000 after purchasing an additional 1,201,237 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Reddit by 138.5% in the second 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.

Reddit Stock Performance

Shares of RDDT stock opened at $175.38 on Friday. The firm has a market cap of $33.76 billion, a P/E ratio of 50.11 and a beta of 1.91. The firm’s 50 day moving average price is $160.32 and its 200-day moving average price is $175.69. Reddit Inc. has a one year low of $119.27 and a one year high of $282.95.

Reddit (NYSE:RDDT) last posted its earnings results 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 firm had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm’s revenue for the quarter was up 69.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.13 EPS. As a group, research analysts predict that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the completion of the transaction, the chief executive officer directly owned 373,814 shares in the company, valued at $66,636,083.64. This trade represents a 4.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,166 shares of Reddit stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total value of $6,930,032.04. Following the completion of the transaction, the chief operating officer directly owned 1,050,339 shares of the company’s stock, valued at approximately $185,846,982.66. This represents a 3.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 250,500 shares of company stock valued at $40,645,805. 28.48% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

RDDT has been the topic of a number of recent research reports. Jefferies Financial Group lowered their price objective on Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th. Citigroup reissued a “market outperform” rating on shares of Reddit in a research report on Tuesday, May 26th. Loop Capital restated a “buy” rating and set a $260.00 price objective on shares of Reddit in a research report on Thursday, June 4th. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 target price on shares of Reddit in a report on Friday, May 1st. Finally, Bank of America cut their price target on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a report on Thursday, April 2nd. Eighteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $230.75.

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.