TD Asset Management Inc Trims Position in Reddit Inc. $RDDT

TD Asset Management Inc trimmed its position in Reddit Inc. (NYSE:RDDT) by 23.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 160,562 shares of the company’s stock after selling 48,593 shares during the quarter. TD Asset Management Inc’s holdings in Reddit were worth $36,928,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of RDDT. Raiffeisen Bank International AG bought a new stake in Reddit during the 3rd quarter worth approximately $25,000. Cornerstone Planning Group LLC increased its holdings in shares of Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the period. Geneos Wealth Management Inc. raised its position in shares of Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Reddit by 8,650.0% in the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after buying an additional 173 shares in the last quarter. Finally, Cloud Capital Management LLC bought a new stake in Reddit during the third quarter valued at $47,000.

Insider Activity

In other Reddit news, insider Benjamin Seong Lee sold 5,575 shares of the firm’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $143.35, for a total value of $799,176.25. Following the sale, the insider owned 79,309 shares of the company’s stock, valued at $11,368,945.15. This trade represents a 6.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $138.81, for a total transaction of $2,498,580.00. Following the transaction, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at approximately $62,266,834.56. This trade represents a 3.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 431,084 shares of company stock valued at $91,126,289. Corporate insiders own 34.25% of the company’s stock.

Reddit Stock Down 3.9%

NYSE RDDT opened at $145.31 on Friday. The company has a 50-day simple moving average of $195.79 and a two-hundred day simple moving average of $211.24. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95. The firm has a market cap of $27.76 billion, a price-to-earnings ratio of 55.46, a PEG ratio of 1.10 and a beta of 2.17.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The company had revenue of $725.61 million during the quarter, compared to analyst estimates of $665.80 million. During the same quarter in the previous year, the company posted $0.36 EPS. Reddit’s revenue for the quarter was up 69.7% on a year-over-year basis. Equities analysts expect that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Wells Fargo & Company set a $196.00 price target on Reddit in a research report on Monday, February 9th. Cantor Fitzgerald decreased their price target on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $285.00 price objective on shares of Reddit in a report on Tuesday, January 20th. B. Riley Financial increased their target price on Reddit from $245.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, February 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price target on shares of Reddit in a research note on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $238.78.

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.