Reddit Inc. (NYSE:RDDT) Holdings Reduced by GF Fund Management CO. LTD.

GF Fund Management CO. LTD. cut its holdings in Reddit Inc. (NYSE:RDDT - Free Report) by 23.4% in the first quarter, according to the company in its most recent disclosure with the SEC. 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 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. FMR LLC boosted its holdings in Reddit by 7.5% in the fourth quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after purchasing an additional 913,189 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares in the last quarter. Alliancebernstein L.P. raised its position 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 valued at $455,795,000 after buying an additional 2,537,768 shares during the last quarter. Lord Abbett & CO. LLC lifted its position in Reddit by 12.8% during 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 in the last quarter. Finally, Brooklyn FI LLC purchased a new stake in shares of Reddit in the fourth quarter valued at about $303,082,000.

Reddit Trading Down 3.4%

Shares of Reddit stock traded down $5.36 during trading hours on Monday, hitting $151.67. 4,947,020 shares of the company were exchanged, compared to its average volume of 6,655,308. The business has a 50-day moving average of $121.57 and a 200-day moving average of $141.17. Reddit Inc. has a 1 year low of $49.13 and a 1 year high of $230.41. The stock has a market capitalization of $27.99 billion, a price-to-earnings ratio of 257.49, a P/E/G ratio of 4.03 and a beta of 2.33.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating 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 the consensus estimate of $370.55 million. During the same quarter in the previous year, the firm earned ($8.19) earnings per share. The business's quarterly revenue was up 61.5% compared to the same quarter last year. As a group, research analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Activity at Reddit

In other news, CTO Christopher Brian Slowe sold 16,000 shares of the firm's stock in a transaction on 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 sale, the chief technology officer owned 246,373 shares in the company, valued at $33,622,523.31. This trade represents a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Michelle Marie Reynolds sold 3,500 shares of the stock in a transaction 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 completion of the transaction, the chief accounting officer directly owned 37,868 shares in the company, valued at $5,704,435.52. This trade represents a 8.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 617,285 shares of company stock valued at $69,599,110 in the last 90 days. 34.25% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Roth Mkm boosted their price objective on shares of Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Needham & Company LLC upped their price objective on shares of Reddit from $135.00 to $145.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Guggenheim reissued a "buy" rating and issued a $165.00 target price on shares of Reddit in a research report on Tuesday, June 24th. Redburn Partners set a $75.00 price target on Reddit in a research report on Monday, March 17th. Finally, B. Riley reiterated a "buy" rating and issued a $220.00 price objective (down previously from $222.00) on shares of Reddit in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $139.70.

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.