Allspring Global Investments Holdings LLC Sells 210,403 Shares of Reddit Inc. $RDDT

Allspring Global Investments Holdings LLC trimmed its holdings in Reddit Inc. (NYSE:RDDT) by 59.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 144,037 shares of the company’s stock after selling 210,403 shares during the period. Allspring Global Investments Holdings LLC owned about 0.08% of Reddit worth $19,615,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. NewEdge Advisors LLC lifted its stake in Reddit by 143.3% in the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after purchasing an additional 4,701 shares during the last quarter. Empowered Funds LLC bought a new stake in Reddit during the 1st quarter valued at about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Reddit by 106.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after buying an additional 111,780 shares during the period. Focus Partners Wealth grew its stake in Reddit by 40.8% in the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after acquiring an additional 2,965 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its stake in Reddit by 344.6% in the 1st 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.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Citigroup reaffirmed a “market outperform” rating on shares of Reddit in a research note on Tuesday, May 26th. Weiss Ratings restated a “hold (c)” rating on shares of Reddit in a report on Friday, May 8th. Citizens Jmp reduced their price objective on Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a report on Friday, May 1st. Wall Street Zen cut shares of Reddit from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Finally, Wells Fargo & Company raised their target price on shares of Reddit from $176.00 to $187.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 7th. Nineteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $232.48.

Reddit Stock Performance

Shares of RDDT stock opened at $185.93 on Wednesday. The stock’s 50-day simple moving average is $173.90 and its 200-day simple moving average is $168.62. The firm has a market capitalization of $35.79 billion, a PE ratio of 53.12 and a beta of 1.93. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. The firm had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company’s revenue was up 69.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.13 earnings per share. Sell-side analysts forecast that Reddit Inc. will post 4.85 earnings per share for the current year.

Insider Activity at Reddit

In related news, COO Jennifer L. Wong sold 39,166 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total value of $6,930,032.04. Following the completion of the sale, the chief operating officer owned 1,050,339 shares of the company’s stock, valued at approximately $185,846,982.66. The trade was a 3.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total value of $161,600.00. Following the transaction, the chief accounting officer owned 15,060 shares of the company’s stock, valued at approximately $3,012,000. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 169,141 shares of company stock valued at $28,680,845. 28.48% 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.