Tobam Lowers Stock Holdings in Reddit Inc. $RDDT

Tobam reduced its position in Reddit Inc. (NYSE:RDDT) by 78.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,341 shares of the company’s stock after selling 4,801 shares during the quarter. Tobam’s holdings in Reddit were worth $308,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Alpine Global Management LLC boosted its stake in shares of Reddit by 187.4% in the fourth quarter. Alpine Global Management LLC now owns 2,658 shares of the company’s stock valued at $611,000 after purchasing an additional 1,733 shares during the period. Pacer Advisors Inc. increased its stake in Reddit by 64.2% during the 4th quarter. Pacer Advisors Inc. now owns 318,153 shares of the company’s stock worth $73,134,000 after buying an additional 124,394 shares during the period. Floyd Financial Group LLC purchased a new stake in Reddit during the 4th quarter worth approximately $1,216,000. Compound Planning Inc. lifted its holdings in Reddit by 23.4% during the 4th quarter. Compound Planning Inc. now owns 1,624 shares of the company’s stock worth $373,000 after buying an additional 308 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Reddit by 36.7% during the 4th quarter. Invesco Ltd. now owns 2,033,626 shares of the company’s stock worth $467,470,000 after buying an additional 545,685 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities analysts have commented on RDDT shares. DA Davidson restated a “buy” rating and issued a $200.00 price target on shares of Reddit in a research note on Friday, May 1st. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 price objective on shares of Reddit in a research note on Friday, May 1st. Wall Street Zen lowered Reddit from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Cantor Fitzgerald boosted their target price on Reddit from $170.00 to $180.00 and gave the stock a “neutral” rating in a research note on Friday, May 1st. Finally, Bank of America cut their price target on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Eighteen analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $230.75.

Reddit Trading Up 0.2%

Shares of RDDT opened at $175.38 on Friday. The firm has a market capitalization of $33.76 billion, a price-to-earnings ratio of 50.11 and a beta of 1.91. The firm’s fifty day simple moving average is $160.93 and its 200-day simple moving average is $175.68. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95.

Reddit (NYSE:RDDT) last issued 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 net margin of 28.60% and a return on equity of 25.48%. The company’s revenue was up 69.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.13 earnings per share. On average, analysts predict that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In related news, COO Jennifer L. Wong sold 39,167 shares of the business’s stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the completion of the sale, the chief operating officer owned 1,088,451 shares in the company, valued at $175,752,182.97. The trade was a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total value of $2,335,385.00. Following the completion of the transaction, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at $5,787,686.71. This trade represents a 28.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 250,500 shares of company stock valued at $40,645,805. 28.48% of the stock is currently owned by corporate insiders.

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.