Summit Partners Public Asset Management LLC Sells 10,000 Shares of Reddit Inc. $RDDT

Summit Partners Public Asset Management LLC trimmed its holdings in shares of Reddit Inc. (NYSE:RDDT) by 2.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 379,500 shares of the company’s stock after selling 10,000 shares during the period. Reddit accounts for 1.8% of Summit Partners Public Asset Management LLC’s portfolio, making the stock its 9th biggest position. Summit Partners Public Asset Management LLC owned approximately 0.20% of Reddit worth $87,236,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Raiffeisen Bank International AG acquired a new position in Reddit during the 3rd quarter valued at about $25,000. GW&K Investment Management LLC acquired a new position in shares of Reddit in the third quarter worth about $30,000. LOM Asset Management Ltd acquired a new position in shares of Reddit in the fourth quarter worth about $33,000. Noble Wealth Management PBC purchased a new stake in shares of Reddit in the fourth quarter worth approximately $34,000. Finally, Sound Income Strategies LLC purchased a new stake in shares of Reddit in the fourth quarter worth approximately $47,000.

Analysts Set New Price Targets

RDDT has been the topic of several recent research reports. Oppenheimer reaffirmed an “outperform” rating and set a $225.00 price objective on shares of Reddit in a research report on Friday, May 1st. Jefferies Financial Group lowered their price objective on shares of Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th. Rothschild & Co Redburn set a $110.00 price objective on shares of Reddit in a research note on Monday, April 27th. DA Davidson restated a “buy” rating and issued a $200.00 price objective on shares of Reddit in a research note on Friday, May 1st. Finally, Needham & Company LLC restated a “buy” rating and issued a $300.00 price objective on shares of Reddit in a research note on Friday, May 1st. Eighteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $230.75.

Insider Activity at Reddit

In related news, CTO Christopher Brian Slowe sold 15,500 shares of Reddit stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total value of $2,335,385.00. Following the completion of the transaction, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at $5,787,686.71. The trade was a 28.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 dated Friday, May 29th. The shares were sold at an average price of $174.13, for a total value of $3,134,340.00. Following the completion of the transaction, the chief executive officer directly 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 193,334 shares of company stock valued at $30,507,093 over the last ninety days. 28.48% of the stock is owned by insiders.

Reddit Stock Performance

NYSE:RDDT opened at $175.66 on Wednesday. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95. The company has a 50-day moving average of $159.09 and a 200-day moving average of $176.27. The company has a market capitalization of $33.82 billion, a price-to-earnings ratio of 50.19 and a beta of 1.91.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating 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 company had revenue of $663.41 million for the quarter, compared to the consensus estimate of $607.74 million. During the same quarter in the previous year, the company earned $0.13 EPS. The firm’s revenue for the quarter was up 69.1% compared to the same quarter last year. Sell-side analysts forecast that Reddit Inc. will post 4.83 EPS for the current year.

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.