Knollwood Investment Advisory LLC Sells 3,320 Shares of Reddit Inc. $RDDT

Knollwood Investment Advisory LLC trimmed its holdings in shares of Reddit Inc. (NYSE:RDDT) by 50.0% in the 4th quarter, Holdings Channel reports. The firm owned 3,320 shares of the company’s stock after selling 3,320 shares during the quarter. Knollwood Investment Advisory LLC’s holdings in Reddit were worth $763,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Raiffeisen Bank International AG bought a new stake in shares of Reddit during the third quarter worth $25,000. GW&K Investment Management LLC bought a new stake in shares of Reddit in the third quarter valued at about $30,000. LOM Asset Management Ltd bought a new stake in shares of Reddit in the fourth quarter valued at about $33,000. Noble Wealth Management PBC bought a new stake in shares of Reddit in the fourth quarter valued at about $34,000. Finally, Geneos Wealth Management Inc. raised its holdings in shares of Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares in the last quarter.

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $161.47, for a total value of $6,324,295.49. Following the transaction, the chief operating officer owned 1,088,451 shares in the company, valued at $175,752,182.97. The trade was a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 Reddit stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total value of $2,335,385.00. Following the completion of the transaction, the chief technology officer owned 38,413 shares in the company, valued at $5,787,686.71. This trade represents a 28.75% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 quarter. Insiders own 28.48% of the company’s stock.

Reddit Price Performance

RDDT opened at $162.11 on Friday. The business’s 50-day moving average is $157.38 and its two-hundred day moving average is $176.88. Reddit Inc. has a 1 year low of $112.30 and a 1 year high of $282.95. The firm has a market capitalization of $31.21 billion, a PE ratio of 46.32 and a beta of 1.91.

Reddit (NYSE:RDDT) last posted its earnings results 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 for the quarter, compared to analyst estimates of $607.74 million. During the same quarter in the previous year, the firm earned $0.13 earnings per share. The firm’s quarterly revenue was up 69.1% compared to the same quarter last year. As a group, sell-side analysts expect that Reddit Inc. will post 4.83 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on RDDT shares. Piper Sandler restated an “overweight” rating and issued a $215.00 price objective (up from $205.00) on shares of Reddit in a report on Friday, May 1st. Truist Financial set a $265.00 price objective on Reddit in a report on Friday, May 1st. Loop Capital restated a “buy” rating and issued a $260.00 price objective on shares of Reddit in a report on Thursday, June 4th. Oppenheimer restated an “outperform” rating and issued a $225.00 price objective on shares of Reddit in a report on Friday, May 1st. Finally, Needham & Company LLC restated a “buy” rating and issued a $300.00 price objective on shares of Reddit in a report on Friday, May 1st. Eighteen analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.