SBI Securities Co. Ltd. Cuts Stock Position in Reddit Inc. (NYSE:RDDT)

SBI Securities Co. Ltd. lessened its stake in Reddit Inc. (NYSE:RDDT - Free Report) by 65.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,820 shares of the company's stock after selling 14,604 shares during the period. SBI Securities Co. Ltd.'s holdings in Reddit were worth $820,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. FMR LLC boosted its stake in shares of Reddit by 7.5% during the 4th 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 in the last quarter. Vanguard Group Inc. boosted its position in Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after acquiring an additional 5,950,909 shares during the period. Alliancebernstein L.P. grew its stake in Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock valued at $455,795,000 after acquiring an additional 2,537,768 shares in the last quarter. Lord Abbett & CO. LLC increased its holdings in shares of Reddit by 12.8% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock valued at $304,325,000 after purchasing an additional 211,636 shares during the period. Finally, Brooklyn FI LLC acquired a new stake in shares of Reddit during the fourth quarter worth approximately $303,082,000.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 124,409 shares of the firm's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $124.45, for a total transaction of $15,482,700.05. Following the completion of the transaction, the chief executive officer directly owned 546,133 shares in the company, valued at $67,966,251.85. This trade represents a 18.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andrew Vollero sold 30,000 shares of the stock in a transaction on Friday, June 13th. The shares were sold at an average price of $117.64, for a total value of $3,529,200.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 459,543 shares of company stock worth $54,442,014 over the last quarter. Insiders own 34.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on RDDT. Royal Bank Of Canada set a $125.00 price target on shares of Reddit and gave the company a "sector perform" rating in a report on Wednesday, June 25th. Morgan Stanley cut their price target on Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Guggenheim reissued a "buy" rating and issued a $165.00 price target on shares of Reddit in a research note on Tuesday, June 24th. Piper Sandler reissued an "overweight" rating and issued a $150.00 target price (up from $140.00) on shares of Reddit in a research report on Friday, May 2nd. Finally, Oppenheimer began coverage on shares of Reddit in a research note on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price target on the stock. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $141.04.

Reddit Trading Down 0.4%

NYSE RDDT traded down $0.57 during trading hours on Wednesday, hitting $144.23. 5,845,075 shares of the company's stock were exchanged, compared to its average volume of 6,706,311. The firm has a market cap of $26.61 billion, a price-to-earnings ratio of 244.46, a PEG ratio of 3.76 and a beta of 2.33. Reddit Inc. has a 1-year low of $49.13 and a 1-year high of $230.41. The stock has a 50-day simple moving average of $125.72 and a 200 day simple moving average of $140.06.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 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 61.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($8.19) EPS. On average, sell-side analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal 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.