SEB Asset Management AB Makes New Investment in Reddit Inc. $RDDT

SEB Asset Management AB bought a new position in Reddit Inc. (NYSE:RDDT) in the 1st quarter, Holdings Channel.com reports. The firm bought 56,372 shares of the company’s stock, valued at approximately $7,590,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Institute for Wealth Management LLC. increased its stake in shares of Reddit by 6.1% during the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock worth $246,000 after acquiring an additional 62 shares during the period. Florida Financial Advisors LLC boosted its holdings in Reddit by 6.7% in the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock valued at $250,000 after purchasing an additional 68 shares in the last quarter. Diversified Trust Co boosted its holdings in Reddit by 2.1% in the 1st quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock valued at $440,000 after purchasing an additional 68 shares in the last quarter. IFP Advisors Inc increased its position in Reddit by 9.9% during the 3rd quarter. IFP Advisors Inc now owns 796 shares of the company’s stock worth $183,000 after purchasing an additional 72 shares during the period. Finally, Yousif Capital Management LLC increased its position in Reddit by 5.1% during the 4th quarter. Yousif Capital Management LLC now owns 1,554 shares of the company’s stock worth $350,000 after purchasing an additional 75 shares during the period.

Reddit Trading Up 2.4%

RDDT stock opened at $185.93 on Wednesday. The firm has a 50 day moving average of $173.90 and a 200-day moving average of $168.62. Reddit Inc. has a 12-month low of $119.27 and a 12-month high of $282.95. The company has a market cap of $35.79 billion, a price-to-earnings ratio of 53.12 and a beta of 1.93.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.62 by $0.39. The business had revenue of $663.41 million for 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 quarterly revenue was up 69.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.13 EPS. Sell-side analysts forecast that Reddit Inc. will post 4.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Jennifer L. Wong sold 39,167 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $158.52, for a total value of $6,208,752.84. Following the completion of the transaction, the chief operating officer owned 1,088,451 shares in the company, valued at $172,541,252.52. This trade represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of Reddit stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total value of $161,600.00. Following the transaction, the chief accounting officer directly owned 15,060 shares of the company’s stock, valued at $3,012,000. This trade represents a 5.09% 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. Over the last ninety days, insiders sold 169,141 shares of company stock valued at $28,680,845. 28.48% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Truist Financial set a $265.00 price target on Reddit in a report on Friday, May 1st. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $200.00 price objective on shares of Reddit in a report on Monday. Wall Street Zen cut Reddit from a “buy” rating to a “hold” rating in a research report on Sunday, May 10th. Raymond James Financial set a $180.00 target price on Reddit and gave the company a “market perform” rating in a report on Friday, May 1st. Finally, DA Davidson restated a “buy” rating and set a $200.00 target price on shares of Reddit in a research report on Friday, May 1st. Nineteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $232.48.

Reddit 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.