Apollon Wealth Management LLC Decreases Stake in Reddit Inc. $RDDT

Apollon Wealth Management LLC lowered its position in Reddit Inc. (NYSE:RDDT) by 62.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,654 shares of the company’s stock after selling 4,436 shares during the quarter. Apollon Wealth Management LLC’s holdings in Reddit were worth $610,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. lifted its position in shares of Reddit by 53.2% during the 3rd quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock worth $7,166,000 after buying an additional 10,743 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after buying an additional 1,401,293 shares during the last quarter. Optimize Financial Inc purchased a new stake in shares of Reddit during the 3rd quarter worth approximately $1,420,000. WT Asset Management Ltd purchased a new stake in shares of Reddit during the 3rd quarter worth approximately $92,973,000. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Reddit by 95.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock worth $3,712,000 after buying an additional 7,881 shares during the last quarter.

Reddit Stock Performance

Shares of RDDT opened at $162.38 on Friday. The stock has a market capitalization of $31.02 billion, a P/E ratio of 61.98, a P/E/G ratio of 1.15 and a beta of 2.40. The company’s fifty day moving average is $141.15 and its two-hundred day moving average is $188.09. Reddit Inc. has a 1 year low of $90.78 and a 1 year high of $282.95.

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

Wall Street Analysts Forecast Growth

RDDT has been the subject of several recent analyst reports. Guggenheim boosted their price objective on shares of Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Jefferies Financial Group reduced their price target on shares of Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research report on Tuesday, March 10th. Roth Mkm upped their price target on shares of Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a research report on Friday, January 30th. JPMorgan Chase & Co. reduced their price target on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Finally, Truist Financial reduced their price target on shares of Reddit from $275.00 to $260.00 and set a “buy” rating for the company in a research report on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average price target of $237.46.

Insider Activity

In other Reddit news, COO Jennifer L. Wong sold 33,507 shares of the business’s stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $143.41, for a total value of $4,805,238.87. Following the transaction, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at approximately $156,094,757.91. The trade was a 2.99% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction 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 $62,266,834.56. This represents a 3.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders purchased 61,000 shares of company stock valued at $8,870,815 and sold 294,441 shares valued at $46,813,210. 34.25% of the stock is owned by company insiders.

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.