Reddit Inc. $RDDT Shares Sold by Ieq Capital LLC

Ieq Capital LLC trimmed its holdings in shares of Reddit Inc. (NYSE:RDDT) by 7.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 230,864 shares of the company’s stock after selling 19,317 shares during the period. Ieq Capital LLC owned approximately 0.12% of Reddit worth $53,069,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Raiffeisen Bank International AG acquired a new position in shares of Reddit during the third quarter valued at $25,000. GW&K Investment Management LLC acquired a new position in shares of Reddit during the third quarter valued at $30,000. LOM Asset Management Ltd acquired a new position in shares of Reddit during the fourth quarter valued at $33,000. Noble Wealth Management PBC acquired a new position in shares of Reddit during the fourth quarter valued at $34,000. Finally, Geneos Wealth Management Inc. increased its holdings in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after purchasing an additional 286 shares during the period.

Reddit Stock Down 6.4%

Shares of RDDT stock opened at $162.11 on Friday. The stock has a 50-day simple moving average of $157.38 and a 200 day simple moving average of $176.88. Reddit Inc. has a fifty-two week low of $112.30 and a fifty-two week high of $282.95. The stock has a market capitalization of $31.21 billion, a P/E ratio of 46.32 and a beta of 1.91.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The business had revenue of $663.41 million during the quarter, compared to analysts’ expectations of $607.74 million. During the same quarter last year, the business posted $0.13 earnings per share. The company’s quarterly revenue was up 69.1% on a year-over-year basis. On average, sell-side analysts anticipate that Reddit Inc. will post 4.83 earnings per share for the current year.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $174.13, for a total value of $3,134,340.00. Following the completion of the transaction, the chief executive officer owned 373,814 shares in the company, valued at $65,092,231.82. This trade represents a 4.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $161.47, for a total value of $6,324,295.49. Following the completion of the transaction, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at $175,752,182.97. This trade represents a 3.47% decrease in their position. 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 in the last quarter. 28.48% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

RDDT has been the topic of a number of research analyst reports. Raymond James Financial set a $180.00 price target on Reddit and gave the company a “market perform” rating in a report on Friday, May 1st. Bank of America lowered their price target on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Cantor Fitzgerald raised their target price on Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Truist Financial set a $265.00 target price on Reddit in a research note on Friday, May 1st. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $215.00 target price (up from $205.00) on shares of Reddit in a research note on Friday, May 1st. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $230.75.

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.