Reddit Inc. $RDDT Holdings Cut by Nkcfo LLC

Nkcfo LLC reduced its stake in shares of Reddit Inc. (NYSE:RDDT) by 70.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. 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 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Private Advisory Group LLC purchased a new stake in shares of Reddit during the third quarter worth $678,000. Clearstead Advisors LLC increased its position in Reddit by 2,940.4% in the 3rd quarter. Clearstead Advisors LLC now owns 1,581 shares of the company’s stock worth $364,000 after purchasing an additional 1,529 shares during the last quarter. Asahi Life Asset Management CO. LTD. purchased a new stake in shares of Reddit during the 3rd quarter worth about $409,000. Raiffeisen Bank International AG purchased a new stake in shares of Reddit during the 3rd quarter worth about $25,000. Finally, WT Asset Management Ltd acquired a new stake in shares of Reddit during the 3rd quarter valued at about $92,973,000.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Argus set a $300.00 price objective on shares of Reddit in a research report on Friday, January 9th. China Renaissance initiated coverage on shares of Reddit in a report on Tuesday, December 9th. They set a “buy” rating and a $300.00 price target on the stock. Sanford C. Bernstein lifted their price objective on shares of Reddit from $190.00 to $210.00 and gave the company a “market perform” rating in a research note on Friday, October 31st. The Goldman Sachs Group lowered their target price on shares of Reddit from $236.00 to $206.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. Finally, Roth Mkm raised their target price on Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a report on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $238.78.

Reddit Trading Down 5.2%

Shares of RDDT stock opened at $142.40 on Tuesday. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95. The company has a market capitalization of $27.20 billion, a P/E ratio of 54.35, a P/E/G ratio of 1.12 and a beta of 2.17. The stock has a 50 day moving average of $202.35 and a two-hundred day moving average of $213.15.

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

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $138.81, for a total transaction of $2,498,580.00. Following the completion of the transaction, the chief executive officer owned 448,576 shares in the company, valued at $62,266,834.56. This trade represents a 3.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 27,159 shares of Reddit stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $225.73, for a total value of $6,130,601.07. Following the transaction, the chief operating officer directly owned 1,157,369 shares of the company’s stock, valued at approximately $261,252,904.37. The trade was a 2.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 382,939 shares of company stock worth $85,501,624. Insiders own 34.25% of the company’s stock.

Reddit Company 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.