Reddit Inc. $RDDT Shares Sold by Investment House LLC

Investment House LLC reduced its holdings in Reddit Inc. (NYSE:RDDT) by 29.9% during the 3rd quarter, Holdings Channel reports. The fund owned 42,053 shares of the company’s stock after selling 17,930 shares during the quarter. Investment House LLC’s holdings in Reddit were worth $5,990,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in RDDT. Evansbrook LLC raised its stake in Reddit by 2.2% during the 1st quarter. Evansbrook LLC now owns 2,736 shares of the company’s stock valued at $368,000 after acquiring an additional 59 shares in the last quarter. Signaturefd LLC grew its stake in shares of Reddit by 7.6% in the second quarter. Signaturefd LLC now owns 878 shares of the company’s stock worth $152,000 after purchasing an additional 62 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Reddit by 48.1% during the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock valued at $34,000 after purchasing an additional 64 shares during the period. Diversified Trust Co increased its holdings in shares of Reddit by 2.1% during the first quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock valued at $440,000 after purchasing an additional 68 shares during the period. Finally, Versant Capital Management Inc raised its stake in shares of Reddit by 31.1% during the second quarter. Versant Capital Management Inc now owns 291 shares of the company’s stock valued at $51,000 after purchasing an additional 69 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RDDT. Wells Fargo & Company reduced their price objective on shares of Reddit from $187.00 to $142.00 and set an “equal weight” rating for the company in a report on Friday, July 31st. Sanford C. Bernstein reiterated a “market perform” rating and issued a $180.00 target price on shares of Reddit in a research report on Friday, July 31st. Jefferies Financial Group set a $250.00 target price on shares of Reddit in a research note on Friday, July 10th. Zacks Research downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 25th. Finally, UBS Group reaffirmed a “buy” rating on shares of Reddit in a research note on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average target price of $219.29.

Insider Buying and Selling

In other news, COO Jennifer L. Wong sold 75,000 shares of the firm’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $178.55, for a total transaction of $13,391,250.00. Following the completion of the transaction, the chief operating officer owned 1,050,339 shares in the company, valued at approximately $187,538,028.45. This trade represents a 6.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert A. Sauerberg sold 5,128 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $159.92, for a total transaction of $820,069.76. Following the transaction, the director owned 27,087 shares of the company’s stock, valued at approximately $4,331,753.04. This trade represents a 15.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 306,052 shares of company stock valued at $49,754,523 over the last three months. Company insiders own 28.48% of the company’s stock.

Reddit Stock Performance

Shares of RDDT stock opened at $150.25 on Friday. Reddit Inc. has a 1 year low of $119.27 and a 1 year high of $263.50. The business’s fifty day moving average is $153.99 and its 200-day moving average is $162.15. The stock has a market cap of $28.91 billion, a PE ratio of 34.94, a price-to-earnings-growth ratio of 0.71 and a beta of 2.05.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%. The business had revenue of $804.91 million during the quarter, compared to analyst estimates of $731.00 million. During the same quarter in the prior year, the firm posted $0.45 earnings per share. The company’s revenue was up 61.0% on a year-over-year basis. Equities research analysts predict that Reddit Inc. will post 5.27 earnings per share for the current year.

About Reddit

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and activities. Members can submit text posts, links, images and videos, as well as comment on and vote on content. The platform includes thousands of communities, commonly known as subreddits, covering subjects such as news, entertainment, technology, sports, finance and lifestyle.

Reddit generates revenue primarily through digital advertising, offering advertisers access to audiences based on community interests and user engagement.