Reddit Inc. (NYSE:RDDT) Stock Holdings Cut by OVERSEA CHINESE BANKING Corp Ltd

Key Points

• OVERSEA CHINESE BANKING Corp Ltd reduced its stake in Reddit Inc. by 77.1% during Q1, selling 31,749 shares for a total remaining holding worth approximately $991,000.
• Insiders, including CFO Andrew Vollero and CEO Steve Ladd Huffman, sold a total of 506,809 shares of Reddit stock valued at over $61 million in the last three months.
• Despite recent sell-offs, several analysts maintain positive ratings on Reddit's stock, with price targets ranging from $125.00 to $220.00, suggesting a consensus rating of "Moderate Buy."

OVERSEA CHINESE BANKING Corp Ltd decreased its holdings in Reddit Inc. (NYSE:RDDT - Free Report) by 77.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,451 shares of the company's stock after selling 31,749 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Reddit were worth $991,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. Whale Rock Capital Management LLC acquired a new stake in Reddit during the fourth quarter valued at approximately $204,054,000. Renaissance Technologies LLC raised its stake in Reddit by 265.4% during the fourth quarter. Renaissance Technologies LLC now owns 1,650,500 shares of the company's stock valued at $269,758,000 after buying an additional 1,198,800 shares in the last quarter. Voya Investment Management LLC acquired a new stake in Reddit during the fourth quarter valued at approximately $157,984,000. FMR LLC raised its stake in Reddit by 7.5% during the fourth quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after buying an additional 913,189 shares in the last quarter. Finally, Cresset Asset Management LLC raised its stake in Reddit by 159.6% during the fourth quarter. Cresset Asset Management LLC now owns 1,308,797 shares of the company's stock valued at $213,910,000 after buying an additional 804,591 shares in the last quarter.

Reddit Price Performance

RDDT stock traded up $4.66 on Tuesday, reaching $206.42. The company's stock had a trading volume of 3,287,520 shares, compared to its average volume of 7,930,528. Reddit Inc. has a 52 week low of $49.13 and a 52 week high of $230.41. The company has a market capitalization of $38.09 billion, a P/E ratio of 185.58, a price-to-earnings-growth ratio of 4.76 and a beta of 2.30. The firm has a fifty day moving average of $138.97 and a two-hundred day moving average of $138.38.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.25. Reddit had a return on equity of 10.26% and a net margin of 12.97%. The business had revenue of $499.63 million during the quarter, compared to analyst estimates of $424.07 million. During the same period in the prior year, the company posted ($0.06) EPS. The business's revenue for the quarter was up 77.9% compared to the same quarter last year. As a group, equities analysts expect that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on RDDT shares. Wolfe Research upgraded Reddit to an "outperform" rating in a research note on Sunday. Oppenheimer started coverage on Reddit in a research note on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price objective on the stock. Wells Fargo & Company upped their price objective on Reddit from $115.00 to $118.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 1st. Roth Capital upped their target price on Reddit from $130.00 to $145.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Finally, Citigroup upped their target price on Reddit from $158.00 to $163.00 and gave the company a "buy" rating in a report on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $164.21.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 124,409 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $124.45, for a total value 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. This represents a 18.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 value of $2,559,180.00. Following the transaction, the chief technology officer directly owned 251,373 shares of the company's stock, valued at approximately $24,742,644.39. The trade was a 9.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 492,809 shares of company stock valued at $60,334,945. 34.25% of the stock is owned by corporate insiders.

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.