Van ECK Associates Corp Has $4.92 Million Stock Position in Reddit Inc. $RDDT

by · The Cerbat Gem

Van ECK Associates Corp increased its stake in shares of Reddit Inc. (NYSE:RDDT – Free Report) by 14.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 28,373 shares of the company’s stock after acquiring an additional 3,568 shares during the period. Van ECK Associates Corp’s holdings in Reddit were worth $4,925,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of RDDT. Capital World Investors bought a new position in Reddit in the fourth quarter valued at approximately $1,293,258,000. Norges Bank bought a new stake in shares of Reddit during the 4th quarter worth approximately $372,047,000. Invesco Ltd. raised its stake in shares of Reddit by 419.0% during the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after purchasing an additional 1,201,237 shares in the last quarter. State Street Corp boosted its holdings in shares of Reddit by 138.5% in the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after buying an additional 1,178,890 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Reddit by 125.4% in the 4th quarter. Wellington Management Group LLP now owns 1,224,045 shares of the company’s stock valued at $281,371,000 after buying an additional 681,076 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research firms have issued reports on RDDT. Evercore reaffirmed an “outperform” rating and set a $265.00 price target on shares of Reddit in a research report on Friday, July 31st. Guggenheim reissued a “buy” rating on shares of Reddit in a research report on Friday, July 31st. Sanford C. Bernstein restated a “market perform” rating and set a $180.00 price objective on shares of Reddit in a research note on Friday, July 31st. UBS Group reaffirmed a “buy” rating on shares of Reddit in a report on Friday, July 31st. Finally, Raymond James Financial reiterated a “strong-buy” rating and issued a $205.00 target price on shares of Reddit in a research note on Monday, August 17th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $221.10.

View Our Latest Analysis on Reddit

Reddit Trading Up 9.3%

RDDT opened at $158.05 on Thursday. The stock’s fifty day simple moving average is $170.88 and its 200 day simple moving average is $158.72. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95. The stock has a market cap of $30.41 billion, a PE ratio of 36.76, a price-to-earnings-growth ratio of 0.67 and a beta of 2.02.

Reddit (NYSE:RDDT – Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.30. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The firm had revenue of $804.91 million during the quarter, compared to analysts’ expectations of $731.00 million. During the same period in the previous year, the business posted $0.45 earnings per share. The company’s revenue for the quarter was up 61.0% compared to the same quarter last year. Equities analysts forecast that Reddit Inc. will post 5.27 earnings per share for the current year.

Insider Activity at Reddit

In other Reddit news, Director Robert A. Sauerberg sold 5,128 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $159.92, for a total value of $820,069.76. Following the transaction, the director directly owned 27,087 shares of the company’s stock, valued at $4,331,753.04. This represents a 15.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Jennifer L. Wong sold 75,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $178.55, for a total transaction of $13,391,250.00. Following the sale, the chief operating officer owned 1,050,339 shares of the company’s stock, valued at $187,538,028.45. This trade represents a 6.66% 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. In the last quarter, insiders have sold 210,102 shares of company stock worth $36,375,252. 28.48% of the stock is owned by corporate insiders.

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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