Reddit Inc. $RDDT Shares Sold by Stance Capital LLC

Stance Capital LLC lessened its position in Reddit Inc. (NYSE:RDDT) by 51.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,284 shares of the company’s stock after selling 5,620 shares during the quarter. Stance Capital LLC’s holdings in Reddit were worth $1,215,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Raiffeisen Bank International AG purchased a new position in shares of Reddit in the third quarter valued at approximately $25,000. GW&K Investment Management LLC purchased a new stake in Reddit during the 3rd quarter worth approximately $30,000. Cornerstone Planning Group LLC lifted its holdings in Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after buying an additional 135 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after buying an additional 286 shares during the period. Finally, GAMMA Investing LLC grew its stake in shares of Reddit by 8,650.0% in the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after acquiring an additional 173 shares in the last quarter.

Insider Activity

In related news, CAO Michelle Marie Reynolds sold 2,291 shares of Reddit stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $143.59, for a total value of $328,964.69. Following the transaction, the chief accounting officer directly owned 17,133 shares in the company, valued at $2,460,127.47. This trade represents a 11.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $132.86, for a total transaction of $2,391,480.00. Following the completion of the transaction, the chief executive officer directly owned 411,195 shares in the company, valued at $54,631,367.70. This represents a 4.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders acquired 61,000 shares of company stock valued at $8,870,815 and sold 359,580 shares valued at $70,898,143. Company insiders own 34.25% of the company’s stock.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several analyst reports. JPMorgan Chase & Co. lowered their target price on Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. Argus set a $300.00 price target on shares of Reddit in a research note on Friday, January 9th. Wall Street Zen upgraded shares of Reddit from a “hold” rating to a “buy” rating in a report on Sunday. Guggenheim raised 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. Finally, Morgan Stanley set a $240.00 price objective on shares of Reddit in a research report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $242.19.

Reddit Stock Performance

Shares of Reddit stock opened at $142.51 on Thursday. The company has a market capitalization of $27.22 billion, a P/E ratio of 54.39, a PEG ratio of 1.05 and a beta of 2.40. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95. The company’s fifty day moving average is $171.08 and its two-hundred day moving average is $203.27.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The company had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. During the same period last year, the firm earned $0.36 EPS. The firm’s revenue for the quarter was up 69.7% on a year-over-year basis. As a group, equities analysts expect that Reddit Inc. will post 1.12 earnings per share for the current year.

Reddit 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.