Pacer Advisors Inc. Purchases 193,757 Shares of Reddit Inc. $RDDT

by · The Cerbat Gem

Pacer Advisors Inc. increased its holdings in Reddit Inc. (NYSE:RDDT – Free Report) by 9,687,850.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 193,759 shares of the company’s stock after purchasing an additional 193,757 shares during the quarter. Pacer Advisors Inc. owned approximately 0.10% of Reddit worth $44,563,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Teacher Retirement System of Texas raised its stake in Reddit by 880.5% in the second quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company’s stock worth $14,255,000 after buying an additional 85,020 shares in the last quarter. Petrus Trust Company LTA purchased a new position in shares of Reddit during the 1st quarter worth approximately $473,000. Think Investments LP grew its holdings in shares of Reddit by 10.3% during the 1st quarter. Think Investments LP now owns 268,000 shares of the company’s stock worth $28,113,000 after acquiring an additional 25,000 shares during the period. Sender Co & Partners Inc. bought a new position in shares of Reddit in the 1st quarter worth approximately $1,367,000. Finally, Union Bancaire Privee UBP SA purchased a new position in shares of Reddit in the 2nd quarter valued at approximately $2,078,000.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction on Monday, December 15th. The stock was sold at an average price of $220.28, for a total value of $3,965,040.00. Following the completion of the sale, the chief executive officer owned 448,576 shares of the company’s stock, valued at approximately $98,812,321.28. This trade represents a 3.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Benjamin Seong Lee sold 18,750 shares of the business’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $240.00, for a total value of $4,500,000.00. Following the completion of the transaction, the insider owned 62,608 shares of the company’s stock, valued at $15,025,920. This represents a 23.05% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 465,333 shares of company stock worth $97,164,104. Insiders own 34.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. The Goldman Sachs Group reiterated a “neutral” rating and issued a $236.00 price objective on shares of Reddit in a report on Tuesday, October 14th. Zacks Research raised shares of Reddit from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 29th. Bank of America lifted their price target on shares of Reddit from $180.00 to $210.00 and gave the company a “neutral” rating in a research report on Friday, October 31st. Piper Sandler reissued an “overweight” rating on shares of Reddit in a research note on Monday, December 1st. Finally, Sanford C. Bernstein raised their target price on shares of Reddit from $190.00 to $210.00 and gave the company a “market perform” rating in a research note on Friday, October 31st. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average target price of $230.28.

Read Our Latest Stock Report on Reddit

Reddit Stock Performance

Shares of RDDT stock opened at $226.03 on Friday. The company has a market capitalization of $42.83 billion, a price-to-earnings ratio of 129.90, a price-to-earnings-growth ratio of 2.49 and a beta of 2.17. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95. The company’s 50-day moving average is $211.36 and its 200 day moving average is $198.97.

Reddit (NYSE:RDDT – Get Free Report) last issued its earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.30. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The firm had revenue of $584.91 million for the quarter, compared to the consensus estimate of $546.65 million. During the same quarter in the prior year, the firm posted $0.16 earnings per share. The business’s revenue was up 67.9% on a year-over-year basis. As a group, research analysts predict that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

About Reddit

(Free Report)

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.

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