OVERSEA CHINESE BANKING Corp Ltd Sells 31,749 Shares of Reddit Inc. (NYSE:RDDT)

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 trimmed its stake in Reddit Inc. (NYSE:RDDT - Free Report) by 77.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,451 shares of the company's stock after selling 31,749 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Reddit were worth $991,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CWM LLC boosted its stake in Reddit by 100.0% during the 1st quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after acquiring an additional 128 shares during the last quarter. Canton Hathaway LLC bought a new stake in shares of Reddit during the 1st quarter worth approximately $43,000. Olde Wealth Management LLC acquired a new position in shares of Reddit during the 1st quarter worth about $46,000. Fourth Dimension Wealth LLC acquired a new stake in Reddit during the 4th quarter valued at $49,000. Finally, Chelsea Counsel Co. bought a new stake in shares of Reddit during the fourth quarter worth approximately $49,000.

Analyst Ratings Changes

A number of research firms recently commented on RDDT. Loop Capital dropped their price target on Reddit from $210.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, June 12th. Royal Bank Of Canada set a $125.00 price target on shares of Reddit and gave the stock a "sector perform" rating in a report on Wednesday, June 25th. Wells Fargo & Company lifted their price target on shares of Reddit from $115.00 to $118.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Wolfe Research raised Reddit to an "outperform" rating in a research note on Sunday. Finally, JMP Securities increased their price target on Reddit from $180.00 to $225.00 and gave the company a "market outperform" rating in a research report on Friday, August 1st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $168.43.

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the firm's stock in a transaction that occurred on 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 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Andrew Vollero sold 30,000 shares of the business's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $117.64, for a total transaction of $3,529,200.00. Following the completion of the sale, the chief financial officer directly owned 333,806 shares in the company, valued at $39,268,937.84. This trade represents a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 492,809 shares of company stock worth $60,334,945 over the last quarter. Insiders own 34.25% of the company's stock.

Reddit Stock Down 0.6%

NYSE RDDT traded down $1.30 on Thursday, hitting $211.52. The stock had a trading volume of 2,599,063 shares, compared to its average volume of 7,950,802. The company's 50-day moving average is $143.00 and its two-hundred day moving average is $139.31. The stock has a market cap of $39.03 billion, a price-to-earnings ratio of 192.71, a P/E/G ratio of 4.43 and a beta of 2.30. Reddit Inc. has a one year low of $50.80 and a one year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.25. Reddit had a return on equity of 9.93% 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 quarter in the prior year, the firm posted ($0.06) earnings per share. The company's revenue was up 77.9% on a year-over-year basis. On average, sell-side analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current year.

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.