Reddit Inc. $RDDT Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC cut its stake in shares of Reddit Inc. (NYSE:RDDT) by 10.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 46,868 shares of the company’s stock after selling 5,395 shares during the period. Intech Investment Management LLC’s holdings in Reddit were worth $10,779,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in RDDT. Norges Bank purchased a new position in shares of Reddit during the 2nd quarter worth approximately $294,254,000. Vanguard Group Inc. raised its position in Reddit by 12.9% in the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after purchasing an additional 1,401,293 shares during the period. Amundi lifted its stake in Reddit by 2,060.5% during the second quarter. Amundi now owns 1,307,231 shares of the company’s stock worth $208,294,000 after purchasing an additional 1,246,725 shares in the last quarter. State Street Corp boosted its position in shares of Reddit by 138.5% during the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after buying an additional 1,178,890 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Reddit by 72.1% during the second quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company’s stock worth $299,044,000 after buying an additional 833,245 shares during the period.

Reddit Stock Performance

Shares of Reddit stock opened at $150.98 on Friday. The business has a 50-day simple moving average of $197.55 and a 200-day simple moving average of $211.77. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95. The company has a market cap of $28.84 billion, a PE ratio of 57.63, a P/E/G ratio of 1.11 and a beta of 2.17.

Reddit (NYSE:RDDT) last issued its earnings results 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 net margin of 24.05% and a return on equity of 20.89%. The firm had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. During the same quarter last year, the company earned $0.36 earnings per share. The firm’s revenue was up 69.7% compared to the same quarter last year. On average, sell-side analysts predict that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 19,036 shares of Reddit stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $144.05, for a total transaction of $2,742,135.80. Following the completion of the sale, the chief technology officer directly owned 185,057 shares of the company’s stock, valued at $26,657,460.85. The trade was a 9.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $138.81, for a total value of $2,498,580.00. Following the transaction, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at approximately $62,266,834.56. This represents a 3.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 431,084 shares of company stock worth $91,126,289. 34.25% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. China Renaissance started coverage on Reddit in a report on Tuesday, December 9th. They issued a “buy” rating and a $300.00 price objective on the stock. Bank of America lifted their target price on Reddit from $180.00 to $210.00 and gave the company a “neutral” rating in a research report on Friday, October 31st. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $285.00 price target on shares of Reddit in a research note on Tuesday, January 20th. B. Riley Financial increased their price target on shares of Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Finally, Guggenheim lifted their price objective on shares of Reddit from $245.00 to $255.00 and gave the company a “buy” rating in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $238.78.

About Reddit

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.