Tredje AP fonden Sells 130,259 Shares of Reddit Inc. $RDDT

Tredje AP fonden decreased its position in Reddit Inc. (NYSE:RDDT) by 60.7% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 84,276 shares of the company’s stock after selling 130,259 shares during the period. Tredje AP fonden’s holdings in Reddit were worth $19,383,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Raiffeisen Bank International AG bought a new position in shares of Reddit in the 3rd quarter worth about $25,000. Cornerstone Planning Group LLC grew its stake in Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the period. Geneos Wealth Management Inc. increased its holdings in Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares in the last quarter. GAMMA Investing LLC increased its holdings in Reddit by 8,650.0% in the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after purchasing an additional 173 shares in the last quarter. Finally, Cloud Capital Management LLC acquired a new position in Reddit in the third quarter valued at approximately $47,000.

Reddit Price Performance

Shares of NYSE RDDT opened at $150.18 on Friday. The company has a 50-day moving average price of $203.85 and a 200-day moving average price of $213.53. The stock has a market capitalization of $28.69 billion, a P/E ratio of 57.32, a P/E/G ratio of 1.09 and a beta of 2.17. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. The company had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm’s revenue was up 69.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.36 EPS. As a group, equities research analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction on Friday, February 13th. The stock was sold at an average price of $138.81, for a total value of $2,498,580.00. Following the completion of the sale, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at approximately $62,266,834.56. This represents a 3.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 27,159 shares of the firm’s stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $225.73, for a total value of $6,130,601.07. Following the transaction, the chief operating officer owned 1,157,369 shares in the company, valued at approximately $261,252,904.37. This trade represents a 2.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 520,975 shares of company stock valued at $112,083,885. Corporate insiders own 34.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Robert W. Baird set a $200.00 price objective on shares of Reddit in a research report on Friday, February 6th. Wall Street Zen raised shares of Reddit from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. Oppenheimer reduced their price target on shares of Reddit from $300.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, February 6th. Zacks Research downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 26th. Finally, Needham & Company LLC reissued a “buy” rating and set a $300.00 price objective on shares of Reddit in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $238.78.

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.