BIT Capital GmbH Sells 218,584 Shares of Reddit Inc. $RDDT

BIT Capital GmbH lowered its holdings in Reddit Inc. (NYSE:RDDT) by 28.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 563,421 shares of the company’s stock after selling 218,584 shares during the quarter. Reddit makes up about 4.8% of BIT Capital GmbH’s portfolio, making the stock its 6th biggest holding. BIT Capital GmbH’s holdings in Reddit were worth $129,514,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Reddit by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock worth $3,062,339,000 after purchasing an additional 1,083,540 shares during the period. State Street Corp increased its position in Reddit by 22.3% during the third quarter. State Street Corp now owns 2,481,931 shares of the company’s stock worth $570,819,000 after acquiring an additional 451,792 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 acquiring an additional 106,821 shares during the period. Bank of America Corp DE increased its holdings in Reddit by 38.4% in the 3rd quarter. Bank of America Corp DE now owns 1,724,560 shares of the company’s stock valued at $396,632,000 after buying an additional 478,095 shares during the period. Finally, Norges Bank bought a new stake in Reddit in the 4th quarter valued at $372,047,000.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Citizens Jmp reduced their price target on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a research report on Friday, May 1st. Morgan Stanley set a $240.00 target price on Reddit in a research note on Friday, February 6th. Piper Sandler reaffirmed an “overweight” rating and set a $215.00 price target (up from $205.00) on shares of Reddit in a research report on Friday, May 1st. Guggenheim increased their price objective on Reddit from $245.00 to $255.00 and gave the company a “buy” rating in a report on Friday, February 6th. Finally, B. Riley Financial raised their price target on Reddit from $245.00 to $250.00 and gave the company a “buy” rating in a report on Friday, February 6th. Eighteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $230.75.

Reddit Stock Performance

Shares of RDDT opened at $173.37 on Friday. Reddit Inc. has a 52-week low of $110.85 and a 52-week high of $282.95. The business’s 50 day moving average price is $153.12 and its two-hundred day moving average price is $177.36. The firm has a market cap of $33.38 billion, a PE ratio of 49.53 and a beta of 1.91.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.39. The business 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%.Reddit’s revenue was up 69.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.13 earnings per share. Research analysts predict that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 15,500 shares of the firm’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total value of $2,335,385.00. Following the sale, the chief technology officer owned 38,413 shares of the company’s stock, valued at $5,787,686.71. This trade represents a 28.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $174.13, for a total value of $3,134,340.00. Following the transaction, the chief executive officer directly owned 373,814 shares in the company, valued at approximately $65,092,231.82. This represents a 4.59% decrease in their ownership of the stock. 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 have sold a total of 259,999 shares of company stock valued at $39,812,508 in the last 90 days. Corporate insiders own 28.48% 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.