Pinpoint Asset Management Singapore Pte. Ltd. Has $2.37 Million Stake in Reddit Inc. $RDDT

Pinpoint Asset Management Singapore Pte. Ltd. decreased its holdings in shares of Reddit Inc. (NYSE:RDDT) by 42.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,290 shares of the company’s stock after selling 7,632 shares during the quarter. Reddit accounts for approximately 0.5% of Pinpoint Asset Management Singapore Pte. Ltd.’s investment portfolio, making the stock its 23rd largest position. Pinpoint Asset Management Singapore Pte. Ltd.’s holdings in Reddit were worth $2,365,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Huntington National Bank raised its stake in Reddit by 25.6% during the third quarter. Huntington National Bank now owns 270 shares of the company’s stock worth $62,000 after acquiring an additional 55 shares in the last quarter. Institute for Wealth Management LLC. raised its stake in Reddit by 6.1% during the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock worth $246,000 after acquiring an additional 62 shares in the last quarter. Roxbury Financial LLC raised its stake in Reddit by 7.4% during the fourth quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after acquiring an additional 64 shares in the last quarter. Florida Financial Advisors LLC raised its stake in Reddit by 6.7% during the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after acquiring an additional 68 shares in the last quarter. Finally, IFP Advisors Inc raised its stake in Reddit by 9.9% during the third quarter. IFP Advisors Inc now owns 796 shares of the company’s stock worth $183,000 after acquiring an additional 72 shares in the last quarter.

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $174.13, for a total value of $3,134,340.00. Following the sale, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at approximately $65,092,231.82. This represents a 4.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the sale, the chief technology officer owned 38,413 shares of the company’s stock, valued at approximately $5,787,686.71. This trade represents a 28.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 232,499 shares of company stock worth $36,123,803 over the last ninety days. Insiders own 28.48% of the company’s stock.

Reddit Price Performance

Reddit stock opened at $162.11 on Friday. The business has a 50 day moving average of $157.38 and a 200-day moving average of $176.88. Reddit Inc. has a 1 year low of $112.30 and a 1 year high of $282.95. The company has a market capitalization of $31.21 billion, a P/E ratio of 46.32 and a beta of 1.91.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. During the same quarter in the prior year, the firm posted $0.13 earnings per share. The firm’s revenue was up 69.1% compared to the same quarter last year. Equities analysts anticipate that Reddit Inc. will post 4.83 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RDDT. Wells Fargo & Company boosted their target price on Reddit from $149.00 to $176.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Cantor Fitzgerald upped their price objective on Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Truist Financial set a $265.00 price objective on Reddit in a research note on Friday, May 1st. DA Davidson reaffirmed a “buy” rating and issued a $200.00 price objective on shares of Reddit in a research note on Friday, May 1st. Finally, Zacks Research downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Eighteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $230.75.

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.