Sierra Summit Advisors LLC Sells 47,734 Shares of Reddit Inc. $RDDT

Sierra Summit Advisors LLC lowered its position in shares of Reddit Inc. (NYSE:RDDT) by 54.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,137 shares of the company’s stock after selling 47,734 shares during the period. Reddit comprises about 1.4% of Sierra Summit Advisors LLC’s investment portfolio, making the stock its 29th biggest holding. Sierra Summit Advisors LLC’s holdings in Reddit were worth $9,001,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Resona Asset Management Co. Ltd. grew its position in shares of Reddit by 53.2% in the 3rd quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock worth $7,166,000 after buying an additional 10,743 shares during the last quarter. Vanguard Group Inc. lifted its stake in Reddit by 12.9% in the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after acquiring an additional 1,401,293 shares during the period. Optimize Financial Inc purchased a new stake in Reddit in the third quarter worth $1,420,000. WT Asset Management Ltd bought a new stake in Reddit in the third quarter valued at $92,973,000. Finally, Wealth Enhancement Advisory Services LLC increased its position in Reddit by 95.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock valued at $3,712,000 after purchasing an additional 7,881 shares during the period.

Insiders Place Their Bets

In related news, CTO Christopher Brian Slowe sold 19,036 shares of the company’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $144.05, for a total value of $2,742,135.80. Following the transaction, the chief technology officer owned 185,057 shares in the company, valued at $26,657,460.85. The trade was a 9.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Benjamin Seong Lee sold 5,575 shares of the stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $143.35, for a total transaction of $799,176.25. Following the sale, the insider directly owned 79,309 shares in the company, valued at $11,368,945.15. This trade represents a 6.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 431,084 shares of company stock valued at $91,126,289. Company insiders own 34.25% of the company’s stock.

Reddit Stock Performance

Shares of RDDT opened at $145.31 on Friday. The stock has a market cap of $27.76 billion, a PE ratio of 55.46, a price-to-earnings-growth ratio of 1.06 and a beta of 2.17. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95. The firm’s 50-day simple moving average is $195.79 and its two-hundred day simple moving average is $211.16.

Reddit (NYSE:RDDT) last released its 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 during 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 was up 69.7% on a year-over-year basis. During the same period last year, the business earned $0.36 earnings per share. Equities research analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several research analyst reports. China Renaissance initiated coverage on shares of Reddit in a research report on Tuesday, December 9th. They issued a “buy” rating and a $300.00 target price for the company. Piper Sandler restated an “overweight” rating and issued a $205.00 price objective (down from $290.00) on shares of Reddit in a report on Friday, February 6th. Morgan Stanley set a $240.00 price objective on Reddit in a research report on Friday, February 6th. JPMorgan Chase & Co. decreased their target price on Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Finally, UBS Group set a $265.00 target price on Reddit in a research note on Tuesday, January 13th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently 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.