Swedbank AB Sells 5,865 Shares of Reddit Inc. $RDDT

Swedbank AB cut its stake in Reddit Inc. (NYSE:RDDT) by 11.3% in the first quarter, Holdings Channel.com reports. The firm owned 46,216 shares of the company’s stock after selling 5,865 shares during the quarter. Swedbank AB’s holdings in Reddit were worth $6,223,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in RDDT. Institute for Wealth Management LLC. lifted its holdings in shares of Reddit by 6.1% in the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock valued at $246,000 after purchasing an additional 62 shares in the last quarter. Roxbury Financial LLC raised its position in Reddit by 7.4% in the 4th quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock valued at $214,000 after buying an additional 64 shares during the last quarter. Florida Financial Advisors LLC lifted its stake in Reddit by 6.7% in the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock valued at $250,000 after acquiring an additional 68 shares in the last quarter. Diversified Trust Co boosted its position in Reddit by 2.1% during the 1st quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock worth $440,000 after acquiring an additional 68 shares during the last quarter. Finally, IFP Advisors Inc boosted its position in Reddit by 9.9% during the 3rd quarter. IFP Advisors Inc now owns 796 shares of the company’s stock worth $183,000 after acquiring an additional 72 shares during the last quarter.

Insider Activity

In other Reddit news, COO Jennifer L. Wong sold 39,166 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $176.94, for a total transaction of $6,930,032.04. Following the transaction, the chief operating officer owned 1,050,339 shares of the company’s stock, valued at $185,846,982.66. The trade was a 3.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $173.13, for a total value of $3,116,340.00. Following the completion of the sale, the chief executive officer owned 373,814 shares in the company, valued at $64,718,417.82. This represents a 4.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 226,308 shares of company stock valued at $37,856,340. 28.48% of the stock is owned by company insiders.

Reddit Stock Down 2.6%

Shares of NYSE:RDDT traded down $5.22 during midday trading on Friday, hitting $195.09. The stock had a trading volume of 3,746,228 shares, compared to its average volume of 3,928,101. The company has a market cap of $37.56 billion, a P/E ratio of 55.74 and a beta of 1.93. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95. The business’s 50-day simple moving average is $169.48 and its 200-day simple moving average is $170.92.

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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RDDT shares. Oppenheimer reiterated an “outperform” rating and issued a $225.00 price objective on shares of Reddit in a report on Friday, May 1st. UBS Group restated a “mixed” rating on shares of Reddit in a report on Thursday. Wall Street Zen lowered shares of Reddit from a “buy” rating to a “hold” rating in a research note on Sunday, May 10th. Loop Capital reissued a “buy” rating and set a $260.00 price target on shares of Reddit in a research report on Thursday, June 4th. Finally, Zacks Research cut Reddit from a “strong-buy” rating to a “hold” rating in a report 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 data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $231.14.

Reddit Company 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.