Lord Abbett & CO. LLC Has $290.45 Million Stock Holdings in Reddit Inc. $RDDT
Lord Abbett & CO. LLC lifted its stake in Reddit Inc. (NYSE:RDDT - Free Report) by 30.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,263,529 shares of the company's stock after acquiring an additional 293,743 shares during the quarter. Reddit makes up 0.9% of Lord Abbett & CO. LLC's portfolio, making the stock its 18th biggest holding. Lord Abbett & CO. LLC owned 0.67% of Reddit worth $290,447,000 as of its most recent filing with the Securities and Exchange Commission. A number of other hedge funds have also modified their holdings of RDDT. Capital World Investors acquired a new position in shares of Reddit in the fourth quarter worth $1,293,258,000. Norges Bank acquired a new position in shares of Reddit in the fourth quarter worth $372,047,000. Vanguard Group Inc. increased its stake in shares of Reddit by 12.9% in the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company's stock worth $2,814,734,000 after acquiring an additional 1,401,293 shares during the last quarter. Invesco Ltd. increased its stake in shares of Reddit by 419.0% in the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company's stock worth $342,212,000 after acquiring an additional 1,201,237 shares during the last quarter. Finally, State Street Corp increased its position in Reddit by 138.5% during the second quarter. State Street Corp now owns 2,030,139 shares of the company's stock worth $305,678,000 after buying an additional 1,178,890 shares during the last quarter. Reddit Price PerformanceReddit stock opened at $162.11 on Friday. The company has a market capitalization of $31.21 billion, a price-to-earnings ratio of 46.32 and a beta of 1.91. Reddit Inc. has a one year low of $112.30 and a one year high of $282.95. The company's fifty day moving average price is $157.38 and its two-hundred day moving average price is $176.88. Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The company had revenue of $663.41 million during the quarter, compared to analysts' expectations of $607.74 million. During the same period in the prior year, the company earned $0.13 earnings per share. The business's quarterly revenue was up 69.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Reddit Inc. will post 4.83 earnings per share for the current year. Insider Buying and Selling at RedditIn other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the company's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares in the company, valued at $172,541,252.52. This represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the company's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $174.13, for a total transaction of $3,134,340.00. Following the sale, the chief executive officer owned 373,814 shares of the company's stock, valued at $65,092,231.82. This trade represents a 4.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 232,499 shares of company stock worth $36,123,803 over the last ninety days. Company insiders own 28.48% of the company's stock. Analysts Set New Price TargetsRDDT has been the topic of several analyst reports. Jefferies Financial Group lowered their target price on shares of Reddit from $285.00 to $250.00 and set a "buy" rating on the stock in a research report on Tuesday, March 10th. Raymond James Financial set a $180.00 target price on shares of Reddit and gave the stock a "market perform" rating in a research report on Friday, May 1st. Needham & Company LLC reissued a "buy" rating and set a $300.00 target price on shares of Reddit in a research report on Friday, May 1st. Piper Sandler reissued an "overweight" rating and set a $215.00 target price (up from $205.00) on shares of Reddit in a research report on Friday, May 1st. Finally, Wells Fargo & Company increased their target price on shares of Reddit from $149.00 to $176.00 and gave the stock an "equal weight" rating in a research report on Friday, May 1st. Eighteen analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat, Reddit has a consensus rating of "Moderate Buy" and an average price target of $230.75.Check Out Our Latest Stock Analysis on RedditAbout 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.Featured StoriesWant to see what other hedge funds are holding RDDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Reddit Inc. (NYSE:RDDT - Free Report).This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Before you consider Reddit, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Reddit wasn't on the list.While Reddit currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.Get This Free Report
