Reddit Inc. $RDDT Shares Sold by Quantbot Technologies LP

Quantbot Technologies LP lowered its stake in shares of Reddit Inc. (NYSE:RDDT) by 45.6% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 35,355 shares of the company’s stock after selling 29,604 shares during the period. Quantbot Technologies LP’s holdings in Reddit were worth $5,323,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently modified their holdings of RDDT. CWM LLC lifted its holdings in Reddit by 100.0% in the first quarter. CWM LLC now owns 256 shares of the company’s stock valued at $27,000 after acquiring an additional 128 shares during the period. Stone House Investment Management LLC acquired a new position in shares of Reddit in the 1st quarter valued at $31,000. Financial Perspectives Inc acquired a new position in shares of Reddit in the 2nd quarter valued at $34,000. Geneos Wealth Management Inc. boosted its holdings in Reddit by 344.6% during 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. Finally, Advisors Asset Management Inc. grew its position in Reddit by 68.2% during the second quarter. Advisors Asset Management Inc. now owns 365 shares of the company’s stock valued at $55,000 after buying an additional 148 shares during the period.

Insider Transactions at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 24,000 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $192.72, for a total value of $4,625,280.00. Following the transaction, the chief technology officer directly owned 175,694 shares of the company’s stock, valued at $33,859,747.68. This trade represents a 12.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $229.10, for a total value of $4,123,800.00. Following the transaction, the chief executive officer owned 494,104 shares in the company, valued at approximately $113,199,226.40. This represents a 3.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 394,370 shares of company stock valued at $83,157,724. Corporate insiders own 34.25% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on RDDT shares. Robert W. Baird increased their target price on shares of Reddit from $177.00 to $240.00 and gave the stock a “neutral” rating in a research note on Thursday, September 25th. B. Riley reiterated a “buy” rating and set a $245.00 price target (up previously from $235.00) on shares of Reddit in a research report on Friday, October 31st. Weiss Ratings restated a “hold (c-)” rating on shares of Reddit in a research report on Monday. Wall Street Zen raised Reddit from a “hold” rating to a “buy” rating in a research note on Sunday, September 7th. Finally, Oppenheimer lifted their price target on shares of Reddit from $215.00 to $300.00 and gave the company an “outperform” rating in a research note on Tuesday, September 16th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $226.33.

Reddit Price Performance

Shares of NYSE:RDDT opened at $222.86 on Wednesday. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95. The firm has a market capitalization of $42.23 billion, a PE ratio of 128.08, a P/E/G ratio of 2.46 and a beta of 2.17. The business’s 50 day moving average price is $205.23 and its 200-day moving average price is $184.99.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.30. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The company had revenue of $584.91 million for the quarter, compared to analyst estimates of $546.65 million. During the same quarter last year, the firm posted $0.16 EPS. The firm’s revenue for the quarter was up 67.9% on a year-over-year basis. As a group, analysts expect that Reddit Inc. will post 1.12 earnings per share for the current year.

Reddit Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.