GF Fund Management CO. LTD. Sells 11,000 Shares of Reddit Inc. (NYSE:RDDT)

GF Fund Management CO. LTD. trimmed its position in Reddit Inc. (NYSE:RDDT - Free Report) by 23.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,954 shares of the company's stock after selling 11,000 shares during the quarter. GF Fund Management CO. LTD.'s holdings in Reddit were worth $3,772,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. FMR LLC lifted its stake in shares of Reddit by 7.5% in the fourth quarter. FMR LLC now owns 13,070,780 shares of the company's stock worth $2,136,288,000 after buying an additional 913,189 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after buying an additional 5,950,909 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after buying an additional 2,537,768 shares during the last quarter. Lord Abbett & CO. LLC lifted its stake in shares of Reddit by 12.8% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock worth $304,325,000 after buying an additional 211,636 shares during the last quarter. Finally, Brooklyn FI LLC acquired a new stake in shares of Reddit in the fourth quarter worth $303,082,000.

Reddit Stock Performance

Shares of RDDT stock traded down $1.99 during mid-day trading on Friday, reaching $157.35. The company's stock had a trading volume of 4,041,162 shares, compared to its average volume of 6,661,320. The firm's 50-day moving average is $121.57 and its two-hundred day moving average is $141.33. Reddit Inc. has a 1-year low of $49.13 and a 1-year high of $230.41. The company has a market cap of $29.03 billion, a P/E ratio of 266.70, a PEG ratio of 4.03 and a beta of 2.33.

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

Insiders Place Their Bets

In other news, CAO Michelle Marie Reynolds sold 3,500 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $150.64, for a total value of $527,240.00. Following the sale, the chief accounting officer owned 37,868 shares of the company's stock, valued at approximately $5,704,435.52. This represents a 8.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Christopher Brian Slowe sold 16,000 shares of the company's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $136.47, for a total transaction of $2,183,520.00. Following the completion of the sale, the chief technology officer directly owned 246,373 shares in the company, valued at approximately $33,622,523.31. The trade was a 6.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 617,285 shares of company stock worth $69,599,110 in the last quarter. 34.25% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RDDT. Seaport Res Ptn upgraded shares of Reddit from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th. Redburn Atlantic initiated coverage on shares of Reddit in a research note on Monday, March 17th. They set a "sell" rating and a $75.00 target price for the company. Bank of America cut their target price on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. Roth Mkm upped their target price on shares of Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Finally, Truist Financial initiated coverage on shares of Reddit in a research note on Monday, April 7th. They set a "buy" rating and a $150.00 target price for the company. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $139.70.

Reddit Company 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.