Reddit Inc. (NYSE:RDDT) Shares Sold by Nikko Asset Management Americas Inc.

Key Points

• Nikko Asset Management Americas Inc. reduced its holdings in Reddit Inc. by 29.1%, selling 123,443 shares during the first quarter, leaving it with 300,193 shares valued at approximately $31.5 million.
• Reddit's stock recently saw a 1.1% increase, closing at $149.73, and has experienced significant fluctuations with a 12-month low of $49.13 and a high of $230.41.
• CEO Steve Huffman and CFO Andrew Vollero sold a total of 44,000 shares combined in recent transactions, contributing to a larger trend where insiders sold 506,809 shares valued at over $61.8 million over the last quarter.

Nikko Asset Management Americas Inc. decreased its position in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 29.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 300,193 shares of the company's stock after selling 123,443 shares during the period. Nikko Asset Management Americas Inc. owned approximately 0.17% of Reddit worth $31,490,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. CWM LLC grew 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 acquiring an additional 128 shares in the last quarter. Tucker Asset Management LLC purchased a new position in Reddit in the fourth quarter worth about $39,000. Canton Hathaway LLC purchased a new position in Reddit in the first quarter worth about $43,000. Olde Wealth Management LLC purchased a new position in Reddit in the first quarter worth about $46,000. Finally, Fourth Dimension Wealth LLC purchased a new position in Reddit in the fourth quarter worth about $49,000.

Reddit Price Performance

Reddit stock traded up $3.74 during midday trading on Wednesday, reaching $148.59. The company's stock had a trading volume of 1,940,321 shares, compared to its average volume of 7,674,980. Reddit Inc. has a 52-week low of $49.13 and a 52-week high of $230.41. The stock has a market capitalization of $27.42 billion, a P/E ratio of 251.83, a PEG ratio of 3.89 and a beta of 2.33. The stock's 50-day simple moving average is $132.89 and its 200-day simple moving average is $138.46.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The company had revenue of $392.36 million during the quarter, compared to analysts' expectations of $370.55 million. During the same period last year, the business earned ($8.19) EPS. Reddit's revenue for the quarter was up 61.5% on a year-over-year basis. As a group, equities research analysts expect that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 26,000 shares of the firm's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $98.43, for a total value of $2,559,180.00. Following the completion of the transaction, the chief technology officer directly owned 251,373 shares in the company, valued at $24,742,644.39. This trade represents a 9.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $142.06, for a total value of $4,735,428.04. Following the sale, the chief operating officer directly owned 1,428,007 shares of the company's stock, valued at $202,862,674.42. This trade represents a 2.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold 506,809 shares of company stock valued at $61,884,325 in the last quarter. Insiders own 34.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. The Goldman Sachs Group boosted their target price on Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Bank of America lifted their target price on Reddit from $130.00 to $150.00 and gave the stock a "neutral" rating in a research report on Wednesday. Loop Capital cut their price target on shares of Reddit from $210.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, June 12th. Wall Street Zen raised shares of Reddit from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Finally, JMP Securities restated a "market outperform" rating and issued a $180.00 target price on shares of Reddit in a research note 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 company's stock. According to MarketBeat.com, Reddit has a consensus rating of "Moderate Buy" and a consensus price target of $144.75.

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.