Reddit Inc. $RDDT Shares Sold by Praxis Investment Management Inc.

Praxis Investment Management Inc. trimmed its stake in Reddit Inc. (NYSE:RDDT) by 74.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,837 shares of the company’s stock after selling 5,439 shares during the quarter. Praxis Investment Management Inc.’s holdings in Reddit were worth $422,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Raiffeisen Bank International AG purchased a new position in shares of Reddit during the third quarter valued at $25,000. GW&K Investment Management LLC purchased a new position in shares of Reddit during the third quarter valued at $30,000. Cornerstone Planning Group LLC grew its holdings in shares of Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after buying an additional 135 shares in the last quarter. LOM Asset Management Ltd purchased a new position in shares of Reddit during the fourth quarter valued at $33,000. Finally, Noble Wealth Management PBC purchased a new position in shares of Reddit during the fourth quarter valued at $34,000.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $145.12, for a total value of $2,612,160.00. Following the transaction, the chief executive officer owned 411,195 shares in the company, valued at $59,672,618.40. The trade was a 4.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Christopher Brian Slowe sold 19,036 shares of the business’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 completion of the transaction, the chief technology officer owned 185,057 shares in the company, valued at $26,657,460.85. This trade represents a 9.33% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have bought 61,000 shares of company stock worth $8,870,815 and have sold 298,441 shares worth $43,966,159. 34.25% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. UBS Group set a $265.00 price target on Reddit in a report on Tuesday, January 13th. Piper Sandler reiterated an “overweight” rating and set a $215.00 price target (up from $205.00) on shares of Reddit in a report on Friday, May 1st. Morgan Stanley set a $240.00 price target on Reddit in a report on Friday, February 6th. Rothschild & Co Redburn set a $110.00 price target on Reddit in a report on Monday, April 27th. Finally, Raymond James Financial set a $180.00 price target on Reddit and gave the company a “market perform” rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $228.61.

Reddit Price Performance

Shares of NYSE RDDT opened at $163.70 on Friday. The business’s 50-day moving average price is $145.45 and its two-hundred day moving average price is $183.43. Reddit Inc. has a one year low of $94.89 and a one year high of $282.95. The company has a market capitalization of $31.27 billion, a P/E ratio of 46.77, a price-to-earnings-growth ratio of 1.02 and a beta of 1.85.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm had revenue of $663.41 million for the quarter, compared to the consensus estimate of $607.74 million. During the same quarter in the previous year, the company posted $0.13 earnings per share. The business’s quarterly revenue was up 69.1% compared to the same quarter last year. On average, equities analysts anticipate that Reddit Inc. will post 4.78 EPS for the current year.

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.