New York State Common Retirement Fund Grows Holdings in Reddit Inc. $RDDT

New York State Common Retirement Fund raised its holdings in Reddit Inc. (NYSE:RDDT) by 36.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 64,000 shares of the company’s stock after purchasing an additional 17,000 shares during the quarter. New York State Common Retirement Fund’s holdings in Reddit were worth $14,719,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in RDDT. NewEdge Advisors LLC increased its stake in Reddit by 143.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after buying an additional 4,701 shares during the period. Empowered Funds LLC purchased a new position in Reddit in the first quarter worth $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Reddit by 106.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock worth $22,759,000 after acquiring an additional 111,780 shares in the last quarter. Focus Partners Wealth lifted its holdings in Reddit by 40.8% in the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock valued at $1,073,000 after acquiring an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. boosted its position in shares of Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares in the last quarter.

Reddit Price Performance

NYSE RDDT opened at $176.99 on Tuesday. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95. The firm has a market capitalization of $33.54 billion, a P/E ratio of 101.72, a P/E/G ratio of 1.25 and a beta of 2.18. The business’s 50-day simple moving average is $226.04 and its 200-day simple moving average is $215.47.

Analyst Ratings Changes

RDDT has been the subject of a number of research reports. Wall Street Zen downgraded shares of Reddit from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Argus set a $300.00 price target on Reddit in a research note on Friday, January 9th. UBS Group set a $265.00 price objective on shares of Reddit in a research note on Tuesday, January 13th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $285.00 price target on shares of Reddit in a report on Tuesday, January 20th. Finally, Raymond James Financial reissued a “strong-buy” rating and set a $250.00 price objective (up from $225.00) on shares of Reddit in a research note on Monday, October 20th. Two 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 MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $245.36.

Insider Activity

In other news, CFO Andrew Vollero sold 3,674 shares of the company’s stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $261.21, for a total value of $959,685.54. Following the completion of the sale, the chief financial officer owned 251,644 shares of the company’s stock, valued at $65,731,929.24. This represents a 1.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benjamin Seong Lee sold 3,320 shares of the stock in a transaction that occurred on Friday, January 9th. The shares were sold at an average price of $260.22, for a total transaction of $863,930.40. Following the completion of the sale, the insider directly owned 62,608 shares of the company’s stock, valued at $16,291,853.76. This trade represents a 5.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 505,511 shares of company stock worth $110,940,045 in the last quarter. Insiders own 34.25% of the company’s stock.

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.