Assetmark Inc. Has $4.58 Million Stake in Reddit Inc. (NYSE:RDDT)

Assetmark Inc. lowered its holdings in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 5.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,679 shares of the company's stock after selling 2,451 shares during the period. Assetmark Inc.'s holdings in Reddit were worth $4,582,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. CWM LLC lifted its position in Reddit by 100.0% in the first quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after purchasing an additional 128 shares during the period. Fourth Dimension Wealth LLC acquired a new stake in shares of Reddit in the fourth quarter valued at $49,000. Chelsea Counsel Co. acquired a new stake in shares of Reddit in the fourth quarter valued at $49,000. Quarry LP bought a new position in Reddit during the fourth quarter valued at about $59,000. Finally, CoreCap Advisors LLC grew its holdings in Reddit by 3,500.0% during the fourth quarter. CoreCap Advisors LLC now owns 360 shares of the company's stock worth $59,000 after acquiring an additional 350 shares during the period.

Reddit Stock Up 21.2%

Shares of Reddit stock traded up $34.10 on Friday, hitting $194.69. 19,977,995 shares of the company traded hands, compared to its average volume of 7,864,405. Reddit Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The company has a market cap of $35.92 billion, a PE ratio of 330.25, a PEG ratio of 3.81 and a beta of 2.33. The company has a 50-day moving average price of $135.22 and a 200 day moving average price of $138.51.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.45 EPS for the quarter, beating analysts' consensus estimates of $0.20 by $0.25. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The firm had revenue of $499.63 million for the quarter, compared to the consensus estimate of $424.07 million. During the same quarter in the previous year, the company posted ($0.06) earnings per share. The business's quarterly revenue was up 77.9% compared to the same quarter last year. Equities research analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

RDDT has been the topic of several research reports. Roth Mkm boosted their price target on shares of Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Morgan Stanley boosted their target price on shares of Reddit from $170.00 to $230.00 and gave the stock an "overweight" rating in a report on Friday. JPMorgan Chase & Co. raised their target price on shares of Reddit from $145.00 to $190.00 and gave the stock a "neutral" rating in a report on Friday. Roth Capital lifted their price target on shares of Reddit from $130.00 to $145.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Finally, Truist Financial started coverage on Reddit in a research report on Monday, April 7th. They set a "buy" rating and a $150.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Reddit presently has an average rating of "Moderate Buy" and a consensus price target of $164.21.

Insiders Place Their Bets

In related news, CAO Michelle Marie Reynolds sold 3,500 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $150.64, for a total value of $527,240.00. Following the transaction, the chief accounting officer owned 37,868 shares in the company, valued at approximately $5,704,435.52. This represents a 8.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $145.63, for a total transaction of $2,038,820.00. Following the transaction, the chief executive officer directly owned 539,631 shares in the company, valued at approximately $78,586,462.53. The trade was a 2.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 506,809 shares of company stock worth $61,884,325 in the last quarter. Corporate insiders own 34.25% of the company's stock.

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.