Reddit Inc. (NYSE:RDDT) Shares Sold by Trivest Advisors Ltd

Key Points

• Trivest Advisors Ltd significantly reduced its stake in Reddit Inc. by 69.4% in the first quarter, selling 298,680 shares and now holding 132,000 shares valued at approximately $13.8 million.
• Several hedge funds have increased their holdings in Reddit, with Wells Fargo raising its stake by 909.3% to own shares worth $15.9 million.
• Reddit reported a strong quarterly performance, with revenue increasing by 61.5% year-over-year, exceeding estimates with $392.36 million revenue and earning $0.13 EPS.

Trivest Advisors Ltd lessened its stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 69.4% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 132,000 shares of the company's stock after selling 298,680 shares during the period. Reddit accounts for about 1.2% of Trivest Advisors Ltd's investment portfolio, making the stock its 12th biggest holding. Trivest Advisors Ltd owned approximately 0.07% of Reddit worth $13,847,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Ogborne Capital Management LLC purchased a new stake in Reddit in the fourth quarter worth about $11,539,000. Wells Fargo & Company MN increased its position in Reddit by 909.3% in the fourth quarter. Wells Fargo & Company MN now owns 97,183 shares of the company's stock worth $15,884,000 after buying an additional 87,554 shares in the last quarter. Voloridge Investment Management LLC boosted its stake in shares of Reddit by 46.3% in the fourth quarter. Voloridge Investment Management LLC now owns 963,516 shares of the company's stock worth $157,477,000 after acquiring an additional 304,773 shares during the period. FMR LLC boosted 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 acquiring an additional 913,189 shares during the period. Finally, Renaissance Capital LLC boosted its stake in shares of Reddit by 10.9% in the first quarter. Renaissance Capital LLC now owns 34,636 shares of the company's stock worth $3,633,000 after acquiring an additional 3,400 shares during the period.

Insiders Place Their Bets

In related news, CTO Christopher Brian Slowe sold 26,000 shares of the business's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $98.43, for a total transaction of $2,559,180.00. Following the transaction, the chief technology officer directly owned 251,373 shares in the company, valued at $24,742,644.39. The trade was a 9.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 124,409 shares of the business's stock in a transaction 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 transaction, the chief executive officer owned 546,133 shares in the company, valued at approximately $67,966,251.85. This trade represents a 18.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 506,809 shares of company stock valued at $61,884,325 in the last 90 days. Corporate insiders own 34.25% of the company's stock.

Reddit Price Performance

NYSE RDDT traded up $27.40 during midday trading on Friday, hitting $187.99. 24,565,797 shares of the company traded hands, compared to its average volume of 7,894,271. The company has a market cap of $34.69 billion, a PE ratio of 319.00, a price-to-earnings-growth ratio of 3.81 and a beta of 2.33. The company's 50-day simple moving average is $135.22 and its 200-day simple moving average is $138.51. Reddit Inc. has a 52 week low of $49.13 and a 52 week high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.25. The business had revenue of $499.63 million for the quarter, compared to analysts' expectations of $424.07 million. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The business's revenue for the quarter was up 77.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.06) EPS. On average, research analysts predict that Reddit Inc. will post 1.12 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Guggenheim upped their price objective on Reddit from $165.00 to $215.00 and gave the stock a "buy" rating in a research note on Friday. Roth Capital upped their price objective on Reddit from $130.00 to $145.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Robert W. Baird upped their price objective on Reddit from $120.00 to $151.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. B. Riley reaffirmed a "buy" rating and issued a $220.00 price objective (down previously from $222.00) on shares of Reddit in a research note on Friday, May 2nd. Finally, Citigroup upped their price objective on Reddit from $158.00 to $163.00 and gave the stock a "buy" rating in a research note on Tuesday, June 24th. One equities research analyst has rated the stock with a sell rating, nine have assigned 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.com, Reddit currently has an average rating of "Moderate Buy" and an average target price of $164.21.

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.