Sumitomo Mitsui DS Asset Management Company Ltd Sells 7,706 Shares of Reddit Inc. $RDDT

Sumitomo Mitsui DS Asset Management Company Ltd cut its stake in shares of Reddit Inc. (NYSE:RDDT) by 29.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,885 shares of the company’s stock after selling 7,706 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Reddit were worth $3,278,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Sunbelt Securities Inc. increased its stake in shares of Reddit by 87.5% in the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after buying an additional 91 shares during the period. Ascentis Independent Advisors acquired a new position in shares of Reddit in the first quarter worth approximately $30,000. Beacon Investment Advisory Services Inc. acquired a new position in shares of Reddit in the second quarter worth approximately $35,000. Geneos Wealth Management Inc. boosted its holdings in Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares during the last quarter. Finally, V Square Quantitative Management LLC bought a new stake in Reddit in the first quarter valued at approximately $43,000.

Insider Activity

In related news, CAO Michelle Marie Reynolds sold 808 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total transaction of $161,600.00. Following the transaction, the chief accounting officer directly owned 15,060 shares of the company’s stock, valued at $3,012,000. This represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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, COO Jennifer L. Wong sold 39,166 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $176.94, for a total transaction of $6,930,032.04. Following the transaction, the chief operating officer directly owned 1,050,339 shares in the company, valued at approximately $185,846,982.66. This represents a 3.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 151,141 shares of company stock worth $25,635,785 in the last quarter. 28.48% of the stock is owned by corporate insiders.

Reddit Price Performance

NYSE RDDT opened at $158.10 on Friday. The stock has a market capitalization of $30.42 billion, a P/E ratio of 36.77, a P/E/G ratio of 0.52 and a beta of 2.03. The business has a 50 day simple moving average of $175.21 and a 200 day simple moving average of $159.70. Reddit Inc. has a one year low of $119.27 and a one year high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.30. The firm had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The company’s revenue was up 61.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.45 earnings per share. Equities analysts expect that Reddit Inc. will post 5.22 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Telsey Advisory Group set a $240.00 price target on shares of Reddit in a report on Friday, July 31st. UBS Group reaffirmed a “buy” rating on shares of Reddit in a research note on Friday, July 31st. KeyCorp initiated coverage on shares of Reddit in a research report on Wednesday, July 29th. They set an “overweight” rating and a $225.00 price objective for the company. Guggenheim reissued a “buy” rating on shares of Reddit in a research note on Friday, July 31st. Finally, Raymond James Financial set a $180.00 target price on shares of Reddit and gave the stock a “market perform” rating in a research note on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $220.90.

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.