Andra AP fonden Sells 47,000 Shares of Reddit Inc. $RDDT

Andra AP fonden lessened its position in Reddit Inc. (NYSE:RDDT) by 34.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 90,800 shares of the company’s stock after selling 47,000 shares during the quarter. Andra AP fonden’s holdings in Reddit were worth $20,883,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in RDDT. Raiffeisen Bank International AG purchased a new position in shares of Reddit during the 3rd quarter valued at about $25,000. Cornerstone Planning Group LLC grew its position in Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after acquiring an additional 135 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after acquiring an additional 286 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Reddit by 8,650.0% during the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after acquiring an additional 173 shares in the last quarter. Finally, Cloud Capital Management LLC bought a new stake in shares of Reddit in the 3rd quarter worth approximately $47,000.

Analysts Set New Price Targets

A number of equities analysts recently commented on RDDT shares. Robert W. Baird set a $200.00 target price on shares of Reddit in a research report on Friday, February 6th. Zacks Research downgraded Reddit from a “strong-buy” rating to a “hold” rating in a report on Friday, December 26th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $285.00 target price on shares of Reddit in a research note on Tuesday, January 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 price target on shares of Reddit in a research note on Friday, February 6th. Finally, Wells Fargo & Company set a $196.00 price objective on Reddit in a research report on Monday, February 9th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $238.78.

Reddit Stock Down 3.9%

NYSE RDDT opened at $145.31 on Friday. The firm has a market capitalization of $27.76 billion, a PE ratio of 55.46, a P/E/G ratio of 1.10 and a beta of 2.17. The stock’s 50 day moving average is $195.79 and its 200 day moving average is $211.24. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. During the same quarter in the previous year, the business posted $0.36 EPS. The company’s quarterly revenue was up 69.7% on a year-over-year basis. On average, research analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $138.81, for a total transaction of $2,498,580.00. Following the completion of the transaction, the chief executive officer directly owned 448,576 shares in the company, valued at approximately $62,266,834.56. This trade represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michelle Marie Reynolds sold 2,291 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $143.59, for a total value of $328,964.69. Following the completion of the sale, the chief accounting officer directly owned 17,133 shares in the company, valued at approximately $2,460,127.47. This represents a 11.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 431,084 shares of company stock valued at $91,126,289. Insiders own 34.25% of the company’s stock.

Reddit Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.