Nikko Asset Management Americas Inc. Decreases Holdings in Reddit, Inc. (NYSE:RDDT)

Nikko Asset Management Americas Inc. lowered its position in Reddit, Inc. (NYSE:RDDT) by 17.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 423,636 shares of the company’s stock after selling 89,235 shares during the quarter. Nikko Asset Management Americas Inc. owned about 0.24% of Reddit worth $69,239,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Plato Investment Management Ltd purchased a new stake in Reddit in the 4th quarter worth about $27,000. EverSource Wealth Advisors LLC bought a new position in Reddit in the 4th quarter worth about $28,000. Ridgewood Investments LLC boosted its stake in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the period. Farmers & Merchants Investments Inc. bought a new position in Reddit in the 4th quarter worth about $33,000. Finally, Bogart Wealth LLC bought a new position in Reddit in the 4th quarter worth about $33,000.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Andrew Vollero sold 48,122 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the completion of the sale, the chief financial officer now directly owns 599,295 shares in the company, valued at approximately $97,565,226. The trade was a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 346,053 shares of company stock valued at $58,332,313.

Analyst Ratings Changes

RDDT has been the subject of several analyst reports. Guggenheim initiated coverage on Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 target price for the company. Bank of America raised their target price on Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Piper Sandler lifted their price target on Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Needham & Company LLC lifted their price target on Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Finally, The Goldman Sachs Group lifted their price target on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and a consensus price target of $173.45.

Reddit Price Performance

Shares of Reddit stock opened at $127.71 on Monday. The business’s 50 day simple moving average is $177.06 and its two-hundred day simple moving average is $133.76. The stock has a market capitalization of $23.10 billion and a P/E ratio of -16.52. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Sell-side analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.