Reddit Inc. $RDDT Shares Sold by Tobam

Tobam lessened its stake in Reddit Inc. (NYSE:RDDT) by 78.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,341 shares of the company’s stock after selling 4,801 shares during the period. Tobam’s holdings in Reddit were worth $308,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Reddit by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock valued at $3,062,339,000 after purchasing an additional 1,083,540 shares during the period. Capital World Investors purchased a new position in Reddit during the 4th quarter worth approximately $1,293,258,000. State Street Corp increased its position in Reddit by 6.0% during the fourth quarter. State Street Corp now owns 2,631,332 shares of the company’s stock worth $604,864,000 after buying an additional 149,401 shares during the period. Geode Capital Management LLC increased its position in Reddit by 4.7% during the fourth quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company’s stock worth $546,789,000 after buying an additional 106,821 shares during the period. Finally, Morgan Stanley lifted its stake in Reddit by 11.4% in the fourth quarter. Morgan Stanley now owns 2,372,443 shares of the company’s stock valued at $545,354,000 after buying an additional 242,709 shares during the last quarter.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RDDT. Piper Sandler reissued an “overweight” rating and issued a $215.00 price objective (up from $205.00) on shares of Reddit in a report on Friday, May 1st. Citigroup reiterated a “market outperform” rating on shares of Reddit in a research report on Tuesday, May 26th. Citizens Jmp decreased their price target on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating for the company in a research note on Friday, May 1st. DA Davidson reissued a “buy” rating and set a $200.00 price objective on shares of Reddit in a research report on Friday, May 1st. Finally, Bank of America dropped their price objective on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a research note on Thursday, April 2nd. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and a consensus target price of $230.75.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the completion of the transaction, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at $66,636,083.64. This represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,166 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $176.94, for a total transaction of $6,930,032.04. Following the transaction, the chief operating officer directly owned 1,050,339 shares of the company’s stock, valued at $185,846,982.66. This represents a 3.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 250,500 shares of company stock worth $40,645,805. Company insiders own 28.48% of the company’s stock.

Reddit Trading Up 0.2%

Shares of RDDT stock opened at $175.38 on Friday. The company has a market capitalization of $33.76 billion, a P/E ratio of 50.11 and a beta of 1.91. The business’s 50 day moving average is $160.93 and its two-hundred day moving average is $175.68. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.39. The firm had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company’s revenue for the quarter was up 69.1% on a year-over-year basis. During the same period last year, the company earned $0.13 earnings per share. As a group, equities analysts predict that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

Reddit Profile

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.