Reddit Inc. $RDDT Shares Newly Purchased by Oregon Public Employees Retirement Fund

Oregon Public Employees Retirement Fund bought a new stake in Reddit Inc. (NYSE:RDDT) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 18,000 shares of the company’s stock, valued at approximately $2,564,000.

A number of other hedge funds have also recently bought and sold shares of RDDT. Sunbelt Securities Inc. raised its position in shares of Reddit by 87.5% during the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after acquiring an additional 91 shares during the last quarter. Ascentis Independent Advisors acquired a new position in Reddit during the first quarter valued at approximately $30,000. EverSource Wealth Advisors LLC grew its holdings in Reddit by 48.1% during the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock valued at $34,000 after purchasing an additional 64 shares during the period. Beacon Investment Advisory Services Inc. bought a new stake in Reddit in the second quarter valued at approximately $35,000. Finally, Root Financial Partners LLC bought a new stake in Reddit in the third quarter valued at approximately $41,000.

Analyst Upgrades and Downgrades

RDDT has been the topic of several recent analyst reports. The Goldman Sachs Group reduced their target price on Reddit from $215.00 to $140.00 in a report on Friday, October 30th. Wells Fargo & Company decreased their price objective on Reddit from $142.00 to $110.00 and set an “equal weight” rating for the company in a research report on Friday, October 30th. Guggenheim dropped their target price on shares of Reddit from $255.00 to $170.00 and set a “buy” rating on the stock in a report on Friday, October 30th. Wall Street Zen cut shares of Reddit from a “buy” rating to a “hold” rating in a report on Sunday, August 9th. Finally, Jefferies Financial Group dropped their price objective on shares of Reddit from $200.00 to $155.00 in a report on Friday, October 30th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and fifteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and an average price target of $180.91.

Insider Buying and Selling at Reddit

In related news, Director Robert Sauerberg sold 5,128 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $159.92, for a total value of $820,069.76. Following the sale, the director directly owned 27,087 shares in the company, valued at $4,331,753.04. This represents a 15.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Jennifer Wong sold 60,000 shares of Reddit stock in a transaction on Wednesday, October 14th. The stock was sold at an average price of $150.55, for a total transaction of $9,033,000.00. Following the transaction, the chief operating officer directly owned 1,012,226 shares of the company’s stock, valued at $152,390,624.30. This represents a 5.60% decrease in their position. 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. In the last ninety days, insiders sold 291,052 shares of company stock worth $47,166,483. Company insiders own 28.48% of the company’s stock.

Reddit Stock Up 1.4%

Shares of NYSE RDDT traded up $1.31 during mid-day trading on Friday, reaching $95.12. 6,288,291 shares of the company were exchanged, compared to its average volume of 6,781,794. The company’s 50-day simple moving average is $144.38 and its 200-day simple moving average is $156.66. The stock has a market capitalization of $18.30 billion, a P/E ratio of 19.41, a P/E/G ratio of 0.42 and a beta of 2.28. Reddit Inc. has a twelve month low of $89.28 and a twelve month high of $263.50.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, October 29th. The company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.07. The firm had revenue of $894.96 million during the quarter, compared to analysts’ expectations of $874.91 million. Reddit had a return on equity of 30.57% and a net margin of 32.10%. The company’s quarterly revenue was up 53.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.80 EPS. As a group, equities research analysts expect that Reddit Inc. will post 5.42 EPS for the current year.

Reddit Company Profile

Reddit, Inc operates Reddit, an online platform where users share posts, discuss topics and participate in communities known as subreddits. Members can submit text, images, videos and links, comment on posts, and vote on content, helping shape what appears in each community.

The company generates revenue primarily through advertising and also offers paid subscriptions and other products. Reddit serves users and advertisers around the world through its website and mobile applications.

Reddit was founded in 2005 by Steve Huffman, Alexis Ohanian and Aaron Swartz.