Assetmark Inc. Cuts Stock Holdings in Reddit Inc. $RDDT

Assetmark Inc. reduced its stake in Reddit Inc. (NYSE:RDDT) by 8.0% during the first quarter, HoldingsChannel reports. The firm owned 40,971 shares of the company’s stock after selling 3,573 shares during the period. Assetmark Inc.’s holdings in Reddit were worth $5,517,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of RDDT. Truist Financial Corp lifted its holdings in shares of Reddit by 67.7% during the 4th quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock worth $3,600,000 after acquiring an additional 6,321 shares during the last quarter. Swiss Life Asset Management Ltd raised its position in Reddit by 63.2% during the fourth quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock valued at $7,357,000 after purchasing an additional 12,398 shares in the last quarter. Calamos Advisors LLC purchased a new stake in Reddit during the fourth quarter valued at about $2,299,000. Handelsbanken Fonder AB lifted its stake in Reddit by 22.9% during the fourth quarter. Handelsbanken Fonder AB now owns 37,000 shares of the company’s stock worth $8,505,000 after purchasing an additional 6,900 shares during the last quarter. Finally, Berkshire Capital Holdings Inc. lifted its stake in Reddit by 326,400.0% during the fourth quarter. Berkshire Capital Holdings Inc. now owns 32,650 shares of the company’s stock worth $7,505,000 after purchasing an additional 32,640 shares during the last quarter.

Reddit Trading Up 2.4%

NYSE RDDT opened at $185.93 on Wednesday. The firm has a market cap of $35.79 billion, a PE ratio of 53.12 and a beta of 1.93. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95. The stock has a 50-day moving average of $173.90 and a 200-day moving average of $168.62.

Reddit (NYSE:RDDT) last announced its quarterly 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. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The business had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. During the same period in the previous year, the firm earned $0.13 EPS. The business’s quarterly revenue was up 69.1% on a year-over-year basis. As a group, equities research analysts forecast that Reddit Inc. will post 4.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on RDDT shares. Wells Fargo & Company increased their price objective on Reddit from $176.00 to $187.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 7th. Jefferies Financial Group set a $250.00 target price on Reddit in a research report on Friday, July 10th. Wedbush started coverage on Reddit in a research note on Thursday, July 16th. They issued an “outperform” rating and a $250.00 target price for the company. Piper Sandler reiterated an “overweight” rating and set a $215.00 price target on shares of Reddit in a research report on Thursday, July 9th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $200.00 price target on shares of Reddit in a research note on Monday. Nineteen investment 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 has an average rating of “Moderate Buy” and an average target price of $232.48.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction on Monday, June 15th. The shares were sold at an average price of $178.26, for a total value of $3,208,680.00. Following the transaction, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at $66,636,083.64. The trade was a 4.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the sale, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at $172,541,252.52. This represents a 3.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 169,141 shares of company stock worth $28,680,845. Insiders own 28.48% 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.