Reddit Inc. (NYSE:RDDT) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC trimmed its stake in Reddit Inc. (NYSE:RDDT) by 4.7% in the first quarter, HoldingsChannel.com reports. The fund owned 1,247,339 shares of the company’s stock after selling 61,458 shares during the quarter. Reddit comprises approximately 0.7% of Cresset Asset Management LLC’s portfolio, making the stock its 24th biggest position. Cresset Asset Management LLC’s holdings in Reddit were worth $130,846,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. CWM LLC boosted its holdings in shares of Reddit by 100.0% during the first quarter. CWM LLC now owns 256 shares of the company’s stock worth $27,000 after purchasing an additional 128 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new stake in shares of Reddit during the fourth quarter worth $49,000. Chelsea Counsel Co. acquired a new stake in shares of Reddit during the fourth quarter worth $49,000. Stone House Investment Management LLC acquired a new stake in shares of Reddit during the first quarter worth $31,000. Finally, Quarry LP acquired a new stake in shares of Reddit during the fourth quarter worth $59,000.

Insiders Place Their Bets

In other news, CAO Michelle Marie Reynolds sold 3,500 shares of Reddit stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $202.60, for a total transaction of $709,100.00. Following the sale, the chief accounting officer directly owned 34,368 shares of the company’s stock, valued at approximately $6,962,956.80. The trade was a 9.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $202.70, for a total value of $2,837,800.00. Following the sale, the chief executive officer directly owned 539,631 shares in the company, valued at approximately $109,383,203.70. The trade was a 2.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 352,568 shares of company stock valued at $45,798,117 in the last three months. 34.25% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Citigroup raised their price objective on Reddit from $158.00 to $163.00 and gave the stock a “buy” rating in a report on Tuesday, June 24th. Sanford C. Bernstein raised their price objective on Reddit from $130.00 to $150.00 and gave the stock a “market perform” rating in a report on Tuesday, July 22nd. Wolfe Research upgraded Reddit to an “outperform” rating in a report on Sunday, August 3rd. Raymond James Financial restated a “strong-buy” rating and set a $225.00 price objective (up previously from $175.00) on shares of Reddit in a report on Friday, August 1st. Finally, Royal Bank Of Canada set a $125.00 target price on Reddit and gave the company a “sector perform” rating in a report on Wednesday, June 25th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $168.43.

Reddit Price Performance

NYSE:RDDT opened at $246.40 on Friday. The business’s 50-day moving average is $159.01 and its two-hundred day moving average is $141.45. Reddit Inc. has a 12 month low of $52.39 and a 12 month high of $248.02. The firm has a market capitalization of $46.12 billion, a PE ratio of 224.00, a price-to-earnings-growth ratio of 3.86 and a beta of 2.30.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.20 by $0.25. Reddit had a return on equity of 9.93% and a net margin of 12.97%. The company had revenue of $499.63 million for the quarter, compared to analyst estimates of $424.07 million. During the same period last year, the company posted ($0.06) earnings per share. The firm’s revenue was up 77.9% compared to the same quarter last year. Equities analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.

Reddit Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.