Reddit Inc. $RDDT Shares Sold by Avala Global LP

Avala Global LP cut its stake in Reddit Inc. (NYSE:RDDT) by 4.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 488,683 shares of the company’s stock after selling 20,800 shares during the period. Reddit comprises 4.6% of Avala Global LP’s portfolio, making the stock its 9th largest position. Avala Global LP’s holdings in Reddit were worth $112,392,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in RDDT. Huntington National Bank increased its position in shares of Reddit by 25.6% in the 3rd quarter. Huntington National Bank now owns 270 shares of the company’s stock worth $62,000 after purchasing an additional 55 shares during the last quarter. AdvisorNet Financial Inc lifted its position in shares of Reddit by 2.8% during the third quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock worth $567,000 after purchasing an additional 66 shares during the last quarter. Kingswood Wealth Advisors LLC grew its stake in Reddit by 5.0% in the third quarter. Kingswood Wealth Advisors LLC now owns 1,439 shares of the company’s stock worth $331,000 after purchasing an additional 69 shares in the last quarter. Bienville Capital Management LLC grew its stake in Reddit by 0.5% in the second quarter. Bienville Capital Management LLC now owns 16,153 shares of the company’s stock worth $2,432,000 after purchasing an additional 76 shares in the last quarter. Finally, Raiffeisen Bank International AG bought a new stake in Reddit in the third quarter valued at about $25,000.

Reddit Trading Down 0.0%

NYSE:RDDT opened at $132.21 on Friday. The firm has a market capitalization of $25.26 billion, a PE ratio of 50.46, a price-to-earnings-growth ratio of 0.96 and a beta of 2.40. The stock has a 50 day moving average of $177.60 and a 200-day moving average of $204.92. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly 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 business had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.During the same period in the prior year, the firm earned $0.36 EPS. The business’s quarterly revenue was up 69.7% on a year-over-year basis. As a group, analysts predict that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RDDT has been the topic of several research reports. The Goldman Sachs Group cut their price objective on Reddit from $236.00 to $206.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. Morgan Stanley set a $240.00 price target on Reddit in a report on Friday, February 6th. Wells Fargo & Company set a $196.00 price target on Reddit in a research report on Monday, February 9th. Evercore restated an “outperform” rating and set a $290.00 price objective on shares of Reddit in a research note on Friday, February 6th. Finally, Oppenheimer decreased their price objective 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. One investment 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $236.00.

Insider Transactions at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 9,500 shares of the stock in a transaction on Monday, March 9th. The stock was sold at an average price of $136.55, for a total value of $1,297,225.00. Following the sale, the chief technology officer directly owned 183,057 shares of the company’s stock, valued at $24,996,433.35. This trade represents a 4.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Benjamin Seong Lee sold 5,575 shares of the firm’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $143.35, for a total value of $799,176.25. Following the completion of the sale, the insider owned 79,309 shares in the company, valued at $11,368,945.15. The trade was a 6.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 433,335 shares of company stock valued at $89,139,359 over the last three months. 34.25% of the stock is currently owned by company insiders.

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.