Knollwood Investment Advisory LLC Cuts Stock Position in Reddit Inc. $RDDT

Knollwood Investment Advisory LLC cut its holdings in Reddit Inc. (NYSE:RDDT) by 50.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,320 shares of the company’s stock after selling 3,320 shares during the quarter. Knollwood Investment Advisory LLC’s holdings in Reddit were worth $763,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Reddit by 8.9% in the fourth quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock valued at $3,062,339,000 after purchasing an additional 1,083,540 shares in the last quarter. Capital World Investors purchased a new position in shares of Reddit in the fourth quarter valued at $1,293,258,000. State Street Corp grew its holdings in shares of Reddit by 6.0% in the fourth quarter. State Street Corp now owns 2,631,332 shares of the company’s stock valued at $604,864,000 after purchasing an additional 149,401 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Reddit by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company’s stock valued at $546,789,000 after purchasing an additional 106,821 shares in the last quarter. Finally, Morgan Stanley grew its holdings in shares of Reddit by 11.4% in the fourth quarter. Morgan Stanley now owns 2,372,443 shares of the company’s stock valued at $545,354,000 after purchasing an additional 242,709 shares in the last quarter.

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 15,500 shares of Reddit stock in a transaction 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 sale, the chief technology officer directly owned 38,413 shares in the company, valued at approximately $5,787,686.71. This trade 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 this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction on Friday, May 29th. The stock was sold at an average price of $174.13, for a total value of $3,134,340.00. Following the sale, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $65,092,231.82. This trade represents a 4.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 232,499 shares of company stock worth $36,123,803. 28.48% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on RDDT shares. Needham & Company LLC reissued a “buy” rating and issued a $300.00 target price on shares of Reddit in a report on Friday, May 1st. DA Davidson restated a “buy” rating and issued a $200.00 price target on shares of Reddit in a research report on Friday, May 1st. Weiss Ratings restated a “hold (c)” rating on shares of Reddit in a research report on Friday, May 8th. Piper Sandler restated an “overweight” rating and issued a $215.00 price target (up from $205.00) on shares of Reddit in a research report on Friday, May 1st. Finally, Wall Street Zen downgraded Reddit from a “buy” rating to a “hold” rating in a research report on Sunday, May 10th. Eighteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $230.75.

Reddit Stock Down 6.4%

Shares of RDDT opened at $162.11 on Friday. The company has a market cap of $31.21 billion, a PE ratio of 46.32 and a beta of 1.91. The business has a fifty day moving average of $157.38 and a 200 day moving average of $176.88. Reddit Inc. has a 52-week low of $112.30 and a 52-week high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly 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 company had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. During the same period last year, the company earned $0.13 earnings per share. Reddit’s revenue was up 69.1% on a year-over-year basis. As a group, research analysts anticipate that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

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.