Bank of Nova Scotia Sells 58,670 Shares of Reddit Inc. $RDDT

Bank of Nova Scotia trimmed its position in Reddit Inc. (NYSE:RDDT) by 90.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,085 shares of the company’s stock after selling 58,670 shares during the quarter. Bank of Nova Scotia’s holdings in Reddit were worth $819,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LOM Asset Management Ltd bought a new stake in Reddit in the 4th quarter worth $33,000. Summit Securities Group LLC purchased a new position in shares of Reddit in the fourth quarter valued at about $46,000. Sound Income Strategies LLC bought a new position in shares of Reddit during the fourth quarter valued at about $47,000. ORG Partners LLC raised its stake in shares of Reddit by 105.9% during the fourth quarter. ORG Partners LLC now owns 208 shares of the company’s stock valued at $48,000 after acquiring an additional 107 shares during the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA raised its stake in shares of Reddit by 214.3% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 220 shares of the company’s stock valued at $51,000 after acquiring an additional 150 shares during the last quarter.

Analysts Set New Price Targets

Several research firms recently issued reports on RDDT. Cantor Fitzgerald reissued a “neutral” rating and issued a $200.00 target price on shares of Reddit in a research note on Monday, July 20th. Citigroup reaffirmed a “market outperform” rating on shares of Reddit in a research report on Tuesday, May 26th. Jefferies Financial Group set a $250.00 price objective on Reddit in a report on Friday, July 10th. Loop Capital reiterated a “buy” rating and issued a $260.00 price objective on shares of Reddit in a report on Thursday, June 4th. Finally, UBS Group reiterated a “mixed” rating on shares of Reddit in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $232.23.

Reddit Trading Down 0.3%

NYSE:RDDT opened at $177.97 on Thursday. The company has a 50-day moving average price of $176.17 and a 200-day moving average price of $165.56. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95. The stock has a market cap of $34.26 billion, a price-to-earnings ratio of 50.85 and a beta of 1.93.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share 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 firm had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. During the same quarter in the previous year, the firm posted $0.13 EPS. The company’s revenue for the quarter was up 69.1% compared to the same quarter last year. Equities analysts forecast that Reddit Inc. will post 4.85 EPS for the current fiscal year.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $158.52, for a total value 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 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 at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total transaction of $161,600.00. Following the completion of the sale, the chief accounting officer owned 15,060 shares of the company’s stock, valued at $3,012,000. This trade represents a 5.09% 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 a total of 169,141 shares of company stock valued at $28,680,845 over the last three months. Corporate insiders own 28.48% of the company’s stock.

About Reddit

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.