Stance Capital LLC Sells 5,620 Shares of Reddit Inc. $RDDT

Stance Capital LLC lessened its holdings in Reddit Inc. (NYSE:RDDT) by 51.5% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,284 shares of the company’s stock after selling 5,620 shares during the quarter. Stance Capital LLC’s holdings in Reddit were worth $1,215,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. lifted its position in shares of Reddit by 53.2% during the third quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock valued at $7,166,000 after buying an additional 10,743 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Reddit by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after purchasing an additional 1,401,293 shares in the last quarter. Optimize Financial Inc purchased a new position in Reddit during the 3rd quarter worth $1,420,000. WT Asset Management Ltd purchased a new position in Reddit during the 3rd quarter worth $92,973,000. Finally, Wealth Enhancement Advisory Services LLC increased its position in Reddit by 95.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock valued at $3,712,000 after buying an additional 7,881 shares in the last quarter.

Reddit Trading Down 1.3%

Shares of RDDT stock opened at $142.51 on Thursday. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95. The business’s 50 day moving average is $171.08 and its two-hundred day moving average is $203.27. The company has a market capitalization of $27.22 billion, a P/E ratio of 54.39, a P/E/G ratio of 1.05 and a beta of 2.40.

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

Analyst Upgrades and Downgrades

A number of research firms recently commented on RDDT. UBS Group set a $265.00 target price on shares of Reddit in a research note on Tuesday, January 13th. Robert W. Baird set a $200.00 target price on shares of Reddit in a research report on Friday, February 6th. Truist Financial increased their price target on Reddit from $270.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Jefferies Financial Group reduced their price objective on Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Finally, Morgan Stanley set a $240.00 price objective on Reddit in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $242.19.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $232.78, for a total transaction of $4,190,040.00. Following the sale, the chief executive officer owned 448,576 shares of the company’s stock, valued at $104,419,521.28. The trade was a 3.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 27,930 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $260.08, for a total transaction of $7,264,034.40. Following the completion of the transaction, the insider directly owned 62,608 shares in the company, valued at approximately $16,283,088.64. This represents a 30.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders acquired 61,000 shares of company stock worth $8,870,815 and sold 359,580 shares worth $70,898,143. 34.25% of the stock is owned by company insiders.

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.