Sierra Summit Advisors LLC Reduces Stake in Reddit Inc. $RDDT

Sierra Summit Advisors LLC lowered its stake in Reddit Inc. (NYSE:RDDT) by 54.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,137 shares of the company’s stock after selling 47,734 shares during the quarter. Reddit makes up 1.4% of Sierra Summit Advisors LLC’s investment portfolio, making the stock its 29th largest position. Sierra Summit Advisors LLC’s holdings in Reddit were worth $9,001,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Huntington National Bank boosted its position in shares of Reddit by 25.6% in the third quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after acquiring an additional 55 shares during the period. Resona Asset Management Co. Ltd. lifted its stake in Reddit by 0.3% in the 2nd quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company’s stock worth $3,023,000 after purchasing an additional 65 shares in the last quarter. AdvisorNet Financial Inc lifted its stake in Reddit by 2.8% in the 3rd quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock worth $567,000 after purchasing an additional 66 shares in the last quarter. Kingswood Wealth Advisors LLC boosted its holdings in Reddit by 5.0% in the 3rd quarter. Kingswood Wealth Advisors LLC now owns 1,439 shares of the company’s stock valued at $331,000 after purchasing an additional 69 shares during the period. Finally, Bienville Capital Management LLC grew its position in shares of Reddit by 0.5% during the 2nd quarter. Bienville Capital Management LLC now owns 16,153 shares of the company’s stock valued at $2,432,000 after purchasing an additional 76 shares in the last quarter.

Reddit Price Performance

NYSE:RDDT opened at $145.31 on Friday. The company has a market capitalization of $27.76 billion, a price-to-earnings ratio of 55.46, a PEG ratio of 1.06 and a beta of 2.17. The business has a 50 day moving average of $195.79 and a 200 day moving average of $211.16. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95.

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

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction dated 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 owned 448,576 shares of the company’s stock, valued at approximately $62,266,834.56. The trade was a 3.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Michelle Marie Reynolds sold 2,291 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $143.59, for a total value of $328,964.69. Following the transaction, the chief accounting officer owned 17,133 shares in the company, valued at approximately $2,460,127.47. The trade was a 11.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 431,084 shares of company stock valued at $91,126,289 over the last three months. 34.25% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

RDDT has been the topic of a number of recent analyst reports. The Goldman Sachs Group lowered their price objective on Reddit from $236.00 to $206.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. Robert W. Baird set a $200.00 price target on Reddit in a report on Friday, February 6th. Zacks Research lowered Reddit from a “strong-buy” rating to a “hold” rating in a report on Friday, December 26th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $285.00 target price on shares of Reddit in a research note on Tuesday, January 20th. Finally, Wells Fargo & Company set a $196.00 price target on shares of Reddit in a research note on Monday, February 9th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $238.78.

About Reddit

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.