Reddit Inc. $RDDT Shares Sold by Rakuten Securities Inc.

Rakuten Securities Inc. trimmed its stake in shares of Reddit Inc. (NYSE:RDDT) by 45.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,270 shares of the company’s stock after selling 4,441 shares during the quarter. Rakuten Securities Inc.’s holdings in Reddit were worth $1,212,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in shares of Reddit by 8,650.0% during the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after acquiring an additional 173 shares during the period. Financial Perspectives Inc bought a new stake in Reddit in the 2nd quarter valued at about $34,000. Advisors Asset Management Inc. boosted its stake in Reddit by 68.2% during the 2nd quarter. Advisors Asset Management Inc. now owns 365 shares of the company’s stock valued at $55,000 after purchasing an additional 148 shares during the period. Geneos Wealth Management Inc. grew its position in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares during the last quarter. Finally, Western Pacific Wealth Management LP bought a new position in Reddit in the 2nd quarter worth about $60,000.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Evercore ISI assumed coverage on Reddit in a research report on Monday. They set an “outperform” rating and a $320.00 price objective for the company. The Goldman Sachs Group reiterated a “neutral” rating and set a $236.00 price target on shares of Reddit in a research report on Tuesday, October 14th. Morgan Stanley raised their price target on Reddit from $250.00 to $265.00 and gave the company an “overweight” rating in a report on Tuesday. Truist Financial set a $270.00 price objective on shares of Reddit in a research note on Friday, October 31st. Finally, Zacks Research downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Friday, December 26th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus price target of $238.57.

Reddit Stock Down 2.1%

Shares of Reddit stock opened at $253.48 on Thursday. The business has a fifty day simple moving average of $221.77 and a 200-day simple moving average of $209.62. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95. The firm has a market cap of $48.03 billion, a price-to-earnings ratio of 145.68, a price-to-earnings-growth ratio of 1.74 and a beta of 2.17.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.30. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The firm had revenue of $584.91 million for the quarter, compared to analyst estimates of $546.65 million. During the same period in the previous year, the company earned $0.16 earnings per share. Reddit’s revenue was up 67.9% compared to the same quarter last year. Analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In related news, insider Benjamin Seong Lee sold 55,005 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $221.21, for a total transaction of $12,167,656.05. Following the completion of the sale, the insider directly owned 62,608 shares in the company, valued at approximately $13,849,515.68. This trade represents a 46.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 24,000 shares of Reddit stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $192.72, for a total transaction of $4,625,280.00. Following the completion of the transaction, the chief technology officer owned 175,694 shares in the company, valued at approximately $33,859,747.68. This trade represents a 12.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 505,470 shares of company stock worth $109,018,861. 34.25% of the stock is currently owned by company insiders.

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.