Reddit Inc. $RDDT Shares Sold by Amova Asset Management Americas Inc.

Amova Asset Management Americas Inc. lowered its position in Reddit Inc. (NYSE:RDDT) by 9.6% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 186,558 shares of the company’s stock after selling 19,724 shares during the period. Amova Asset Management Americas Inc. owned 0.10% of Reddit worth $42,903,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of RDDT. GW&K Investment Management LLC acquired a new position in Reddit during the third quarter worth about $30,000. ARK Investment Management LLC grew its holdings in Reddit by 1.7% in the 3rd quarter. ARK Investment Management LLC now owns 158,120 shares of the company’s stock valued at $36,366,000 after buying an additional 2,607 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Reddit by 17.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 386,947 shares of the company’s stock worth $89,042,000 after acquiring an additional 57,015 shares during the last quarter. Insigneo Advisory Services LLC purchased a new position in Reddit during the third quarter worth about $232,000. Finally, Great Lakes Retirement Inc. purchased a new stake in shares of Reddit in the 3rd quarter valued at approximately $1,029,000.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $220.28, for a total transaction of $3,965,040.00. Following the transaction, the chief executive officer owned 448,576 shares of the company’s stock, valued at approximately $98,812,321.28. This trade represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sarah E. Farrell bought 43,800 shares of Reddit stock in a transaction dated Tuesday, February 10th. The stock was purchased at an average cost of $149.52 per share, with a total value of $6,548,976.00. Following the completion of the acquisition, the director directly owned 43,800 shares in the company, valued at approximately $6,548,976. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold a total of 449,084 shares of company stock valued at $93,738,449 over the last ninety days. Company insiders own 34.25% of the company’s stock.

Reddit Price Performance

Reddit stock opened at $147.19 on Thursday. The stock’s fifty day moving average is $190.89 and its two-hundred day moving average is $209.17. The stock has a market cap of $28.12 billion, a PE ratio of 56.18, a P/E/G ratio of 1.06 and a beta of 2.40. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95.

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

Analyst Ratings Changes

A number of research analysts recently commented on the company. Morgan Stanley set a $240.00 price objective on Reddit in a report on Friday, February 6th. Wall Street Zen raised shares of Reddit from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. Cantor Fitzgerald lowered their price objective on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. The Goldman Sachs Group decreased their target price on Reddit from $236.00 to $206.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. Finally, Argus set a $300.00 target price on Reddit in a research report on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Reddit has an average rating of “Moderate Buy” and an average target price of $238.78.

Reddit Company 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.