Pictet Asset Management Holding SA Reduces Holdings in Reddit Inc. $RDDT

Pictet Asset Management Holding SA reduced its position in shares of Reddit Inc. (NYSE:RDDT) by 80.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,413 shares of the company’s stock after selling 163,771 shares during the period. Pictet Asset Management Holding SA’s holdings in Reddit were worth $5,303,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. GW&K Investment Management LLC acquired a new stake in Reddit during the 3rd quarter valued at $30,000. LOM Asset Management Ltd acquired a new position in Reddit in the 4th quarter worth $33,000. Noble Wealth Management PBC purchased a new position in Reddit in the 4th quarter valued at about $34,000. Summit Securities Group LLC purchased a new position in Reddit in the 4th quarter valued at about $46,000. Finally, Sound Income Strategies LLC acquired a new stake in shares of Reddit during the fourth quarter valued at about $47,000.

Wall Street Analyst Weigh In

RDDT has been the topic of several recent analyst reports. Zacks Research cut Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Citizens Jmp lowered their price objective on Reddit from $250.00 to $240.00 and set a “market outperform” rating for the company in a research note on Friday, May 1st. Piper Sandler restated an “overweight” rating and set a $215.00 price objective (up from $205.00) on shares of Reddit in a report on Friday, May 1st. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $200.00 target price on shares of Reddit in a research report on Friday, May 1st. Finally, Jefferies Financial Group reduced their target price on Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $230.75.

Reddit Stock Performance

Reddit stock opened at $194.57 on Friday. The firm’s 50-day moving average is $164.92 and its 200-day moving average is $171.91. Reddit Inc. has a 1 year low of $119.27 and a 1 year high of $282.95. The company has a market cap of $37.46 billion, a P/E ratio of 55.59 and a beta of 1.93.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business 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 earned $0.13 EPS. The company’s revenue for the quarter was up 69.1% compared to the same quarter last year. As a group, sell-side analysts predict that Reddit Inc. will post 4.83 earnings per share for the current year.

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 15,500 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at approximately $5,787,686.71. This represents a 28.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $173.13, for a total value of $3,116,340.00. Following the sale, the chief executive officer owned 373,814 shares in the company, valued at $64,718,417.82. The trade was a 4.59% decrease in their ownership of the stock. 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. Insiders have sold 241,000 shares of company stock valued at $40,030,125 over the last quarter. Insiders own 28.48% of the company’s stock.

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.