Cresset Asset Management LLC Sells 61,458 Shares of Reddit Inc. (NYSE:RDDT)

Key Points

• Cresset Asset Management LLC sold 61,458 shares of Reddit Inc., reducing its holdings by 4.7%, leaving them with approximately 1,247,339 shares valued at around $130.8 million.
• Reddit's latest earnings report showed a significant 77.9% year-over-year revenue increase to $499.63 million and an EPS of $0.45, surpassing expectations.
• Insiders sold a total of 352,568 shares worth nearly $45.8 million in the last quarter, with the current insider ownership at about 34.25% of the company's stock.

Cresset Asset Management LLC lowered its holdings in Reddit Inc. (NYSE:RDDT - Free Report) by 4.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,247,339 shares of the company's stock after selling 61,458 shares during the period. Reddit makes up about 0.7% of Cresset Asset Management LLC's holdings, making the stock its 24th biggest position. Cresset Asset Management LLC owned about 0.69% of Reddit worth $130,846,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. CWM LLC raised its position in shares of Reddit by 100.0% in the first quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after purchasing an additional 128 shares during the period. Fourth Dimension Wealth LLC bought a new stake in shares of Reddit in the fourth quarter valued at approximately $49,000. Chelsea Counsel Co. bought a new stake in shares of Reddit in the fourth quarter valued at approximately $49,000. Stone House Investment Management LLC bought a new stake in shares of Reddit in the first quarter valued at approximately $31,000. Finally, Quarry LP bought a new stake in shares of Reddit in the fourth quarter valued at approximately $59,000.

Reddit Price Performance

RDDT stock opened at $246.40 on Friday. Reddit Inc. has a one year low of $52.39 and a one year high of $248.02. The stock has a market cap of $46.12 billion, a PE ratio of 224.00, a P/E/G ratio of 3.86 and a beta of 2.30. The firm has a 50 day simple moving average of $159.01 and a two-hundred day simple moving average of $141.45.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.20 by $0.25. Reddit had a net margin of 12.97% and a return on equity of 9.93%. The company had revenue of $499.63 million for the quarter, compared to analyst estimates of $424.07 million. During the same quarter last year, the firm earned ($0.06) EPS. The firm's quarterly revenue was up 77.9% compared to the same quarter last year. On average, research analysts expect that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In related news, CTO Christopher Brian Slowe sold 26,000 shares of the stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $98.43, for a total transaction of $2,559,180.00. Following the transaction, the chief technology officer owned 251,373 shares of the company's stock, valued at approximately $24,742,644.39. This trade represents a 9.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $142.06, for a total transaction of $4,735,428.04. Following the transaction, the chief operating officer directly owned 1,428,007 shares in the company, valued at approximately $202,862,674.42. This represents a 2.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 352,568 shares of company stock worth $45,798,117 in the last quarter. 34.25% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on RDDT shares. Sanford C. Bernstein upped their target price on shares of Reddit from $130.00 to $150.00 and gave the stock a "market perform" rating in a report on Tuesday, July 22nd. Royal Bank Of Canada set a $125.00 target price on shares of Reddit and gave the stock a "sector perform" rating in a report on Wednesday, June 25th. Robert W. Baird upped their target price on shares of Reddit from $120.00 to $151.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Morgan Stanley upped 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, August 1st. Finally, Piper Sandler upped their target price on shares of Reddit from $150.00 to $210.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and two have assigned a strong buy 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 $168.43.

Reddit Profile

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.

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