GF Fund Management CO. LTD. Cuts Stake in Reddit Inc. (NYSE:RDDT)

GF Fund Management CO. LTD. decreased its holdings in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 23.4% during the first quarter, according to its most recent filing with the SEC. The firm owned 35,954 shares of the company's stock after selling 11,000 shares during the period. GF Fund Management CO. LTD.'s holdings in Reddit were worth $3,772,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in RDDT. Rhumbline Advisers purchased a new position in Reddit during the 4th quarter valued at about $739,000. Fisher Asset Management LLC bought a new position in shares of Reddit during the 4th quarter worth approximately $201,000. US Bancorp DE raised its stake in shares of Reddit by 2,106.7% during the 4th quarter. US Bancorp DE now owns 2,648 shares of the company's stock worth $433,000 after acquiring an additional 2,528 shares in the last quarter. Jones Financial Companies Lllp lifted its position in Reddit by 81.8% during the fourth quarter. Jones Financial Companies Lllp now owns 3,142 shares of the company's stock valued at $514,000 after acquiring an additional 1,414 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its position in Reddit by 29.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,086 shares of the company's stock valued at $177,000 after acquiring an additional 244 shares during the last quarter.

Insider Activity

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total value of $3,133,062.66. Following the completion of the transaction, the chief operating officer owned 1,466,119 shares of the company's stock, valued at approximately $137,800,524.81. The trade was a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 124,409 shares of Reddit stock in a transaction on Monday, June 16th. The shares were sold at an average price of $124.45, for a total transaction of $15,482,700.05. Following the completion of the transaction, the chief executive officer directly owned 546,133 shares of the company's stock, valued at $67,966,251.85. The trade was a 18.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 617,285 shares of company stock worth $69,599,110 over the last three months. Corporate insiders own 34.25% of the company's stock.

Reddit Stock Down 4.7%

Shares of NYSE:RDDT traded down $7.15 during midday trading on Tuesday, reaching $146.22. The company's stock had a trading volume of 7,045,164 shares, compared to its average volume of 6,679,365. The firm has a market capitalization of $26.98 billion, a PE ratio of 247.83, a P/E/G ratio of 3.94 and a beta of 2.33. Reddit Inc. has a twelve month low of $49.13 and a twelve month high of $230.41. The stock has a fifty day moving average of $122.69 and a 200 day moving average of $141.09.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The business's quarterly revenue was up 61.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($8.19) earnings per share. Sell-side analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently commented on RDDT. Sanford C. Bernstein raised shares of Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 target price for the company in a research report on Friday, May 2nd. Robert W. Baird increased their target price on shares of Reddit from $120.00 to $151.00 and gave the company a "neutral" rating in a research report on Tuesday. The Goldman Sachs Group increased their target price on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Truist Financial began coverage on shares of Reddit in a research report on Monday, April 7th. They set a "buy" rating and a $150.00 target price for the company. Finally, B. Riley reissued a "buy" rating and set a $220.00 target price (down previously from $222.00) on shares of Reddit in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $141.04.

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.