Nkcfo LLC Sells 6,000 Shares of Reddit Inc. $RDDT

Nkcfo LLC lowered its stake in Reddit Inc. (NYSE:RDDT) by 70.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,500 shares of the company’s stock after selling 6,000 shares during the period. Nkcfo LLC’s holdings in Reddit were worth $575,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after acquiring an additional 1,401,293 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Reddit by 7.5% during the second quarter. JPMorgan Chase & Co. now owns 2,051,175 shares of the company’s stock worth $308,846,000 after purchasing an additional 143,680 shares during the period. State Street Corp increased its holdings in Reddit by 138.5% in the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after purchasing an additional 1,178,890 shares during the last quarter. Geode Capital Management LLC lifted its stake in Reddit by 72.1% in the second quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company’s stock valued at $299,044,000 after buying an additional 833,245 shares during the period. Finally, Norges Bank acquired a new position in Reddit in the second quarter valued at about $294,254,000.

Reddit Trading Down 5.2%

Shares of RDDT opened at $142.40 on Tuesday. The stock has a market capitalization of $27.20 billion, a price-to-earnings ratio of 54.35, a PEG ratio of 1.12 and a beta of 2.17. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95. The firm has a fifty day simple moving average of $202.35 and a 200 day simple moving average of $213.15.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $665.80 million. During the same quarter last year, the company earned $0.36 EPS. Reddit’s revenue for the quarter was up 69.7% compared to the same quarter last year. As a group, research analysts predict that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RDDT has been the subject of several recent analyst reports. Citigroup upped their target price on shares of Reddit from $250.00 to $265.00 and gave the company a “buy” rating in a research note on Monday, November 3rd. Argus set a $300.00 price objective on shares of Reddit in a research report on Friday, January 9th. Oppenheimer dropped their price objective on Reddit from $300.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, February 6th. Piper Sandler reissued an “overweight” rating and issued a $205.00 target price (down from $290.00) on shares of Reddit in a research note on Friday, February 6th. Finally, Bank of America raised their price target on Reddit from $180.00 to $210.00 and gave the stock a “neutral” rating in a research report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $238.78.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 39,167 shares of the business’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $234.37, for a total transaction of $9,179,569.79. Following the transaction, the chief operating officer directly owned 1,184,528 shares in the company, valued at approximately $277,617,827.36. The trade was a 3.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Benjamin Seong Lee sold 55,005 shares of the company’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $221.21, for a total transaction of $12,167,656.05. Following the sale, the insider directly owned 62,608 shares in the company, valued at $13,849,515.68. This trade represents a 46.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 382,939 shares of company stock worth $85,501,624 over the last 90 days. Company insiders own 34.25% of the company’s stock.

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.