Pinpoint Asset Management Singapore Pte. Ltd. Sells 7,632 Shares of Reddit Inc. $RDDT

Pinpoint Asset Management Singapore Pte. Ltd. trimmed its stake in shares of Reddit Inc. (NYSE:RDDT) by 42.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,290 shares of the company’s stock after selling 7,632 shares during the quarter. Reddit comprises approximately 0.5% of Pinpoint Asset Management Singapore Pte. Ltd.’s investment portfolio, making the stock its 23rd biggest position. Pinpoint Asset Management Singapore Pte. Ltd.’s holdings in Reddit were worth $2,365,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RDDT. Vanguard Group Inc. boosted its position in shares of Reddit by 12.9% in the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after acquiring an additional 1,401,293 shares during the period. Truist Financial Corp boosted its position in shares of Reddit by 67.7% in the fourth quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock valued at $3,600,000 after acquiring an additional 6,321 shares during the period. Swiss Life Asset Management Ltd boosted its position in shares of Reddit by 63.2% in the fourth quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock valued at $7,357,000 after acquiring an additional 12,398 shares during the period. WT Asset Management Ltd bought a new stake in shares of Reddit in the third quarter valued at about $92,973,000. Finally, Calamos Advisors LLC bought a new stake in shares of Reddit in the fourth quarter valued at about $2,299,000.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $174.13, for a total transaction of $3,134,340.00. Following the completion of the sale, the chief executive officer owned 373,814 shares of the company’s stock, valued at $65,092,231.82. This represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the company’s stock in a transaction dated 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 sale, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at $5,787,686.71. This represents a 28.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 232,499 shares of company stock valued at $36,123,803 over the last quarter. 28.48% of the stock is owned by company insiders.

Reddit Stock Down 6.4%

RDDT opened at $162.11 on Friday. Reddit Inc. has a twelve month low of $112.30 and a twelve month high of $282.95. The company has a 50-day simple moving average of $157.38 and a 200 day simple moving average of $176.88. The stock has a market capitalization of $31.21 billion, a price-to-earnings ratio of 46.32 and a beta of 1.91.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business had revenue of $663.41 million during the quarter, compared to analysts’ expectations of $607.74 million. During the same quarter in the prior year, the business posted $0.13 earnings per share. Reddit’s revenue was up 69.1% compared to the same quarter last year. Sell-side analysts anticipate that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RDDT has been the subject of a number of recent research reports. Citigroup reissued a “market outperform” rating on shares of Reddit in a research report on Tuesday, May 26th. DA Davidson reissued a “buy” rating and issued a $200.00 target price on shares of Reddit in a research report on Friday, May 1st. Rothschild & Co Redburn set a $110.00 target price on shares of Reddit in a research report on Monday, April 27th. Cantor Fitzgerald boosted their target price on shares of Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Finally, Piper Sandler reissued an “overweight” rating and issued a $215.00 target price (up from $205.00) on shares of Reddit in a research report on Friday, May 1st. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $230.75.

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.