Summit Partners Public Asset Management LLC Has $87.24 Million Stock Holdings in Reddit Inc. $RDDT

Summit Partners Public Asset Management LLC reduced its position in shares of Reddit Inc. (NYSE:RDDT) by 2.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 379,500 shares of the company’s stock after selling 10,000 shares during the quarter. Reddit makes up about 1.8% of Summit Partners Public Asset Management LLC’s portfolio, making the stock its 9th largest position. Summit Partners Public Asset Management LLC’s holdings in Reddit were worth $87,236,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RDDT. Raiffeisen Bank International AG bought a new stake in Reddit during the 3rd quarter worth about $25,000. GW&K Investment Management LLC bought a new stake in Reddit during the 3rd quarter worth about $30,000. LOM Asset Management Ltd bought a new stake in Reddit during the 4th quarter worth about $33,000. Noble Wealth Management PBC bought a new stake in Reddit during the 4th quarter worth about $34,000. Finally, Geneos Wealth Management Inc. raised its holdings in Reddit by 344.6% during 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.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $174.13, for a total transaction of $3,134,340.00. Following the completion of the transaction, the chief executive officer owned 373,814 shares of the company’s stock, valued at $65,092,231.82. This represents a 4.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction that occurred on 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 directly owned 1,088,451 shares of the company’s stock, valued at approximately $175,752,182.97. This trade represents a 3.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 193,334 shares of company stock valued at $30,507,093 in the last quarter. 28.48% of the stock is currently owned by insiders.

Reddit Stock Performance

NYSE RDDT opened at $175.66 on Wednesday. The business has a 50 day simple moving average of $159.09 and a 200 day simple moving average of $176.27. Reddit Inc. has a 52-week low of $119.27 and a 52-week high of $282.95. The stock has a market cap of $33.82 billion, a price-to-earnings ratio of 50.19 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, topping 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 business had revenue of $663.41 million during the quarter, compared to analysts’ expectations of $607.74 million. During the same period in the prior year, the business earned $0.13 EPS. Reddit’s revenue for the quarter was up 69.1% compared to the same quarter last year. On average, analysts predict that Reddit Inc. will post 4.83 EPS for the current year.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of recent analyst reports. Oppenheimer reaffirmed an “outperform” rating and issued a $225.00 price target on shares of Reddit in a research note on Friday, May 1st. Zacks Research cut Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Reddit in a research note on Friday, May 8th. Wells Fargo & Company upped their price target on Reddit from $149.00 to $176.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 price target on shares of Reddit in a research note on Friday, May 1st. Eighteen research 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, Reddit 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.