Reddit Inc. $RDDT Shares Sold by Allspring Global Investments Holdings LLC

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

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Truist Financial Corp lifted its stake in shares of Reddit by 67.7% during the fourth quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock valued at $3,600,000 after buying an additional 6,321 shares during the period. Swiss Life Asset Management Ltd boosted its holdings in shares of Reddit by 63.2% during the fourth quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock worth $7,357,000 after purchasing an additional 12,398 shares during the last quarter. Calamos Advisors LLC acquired a new position in shares of Reddit during the 4th quarter valued at about $2,299,000. Handelsbanken Fonder AB increased its position 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. increased its position 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.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the completion of the sale, the chief executive officer owned 373,814 shares in the company, valued at $66,636,083.64. The trade was a 4.59% decrease in their position. 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. The trade was a 3.47% decrease in their position. 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 currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RDDT shares. Citizens Jmp dropped their price objective on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a research note on Friday, May 1st. Bank of America dropped their price objective on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Rothschild & Co Redburn set a $110.00 price objective on shares of Reddit in a research note on Monday, April 27th. DA Davidson reiterated a “buy” rating and set a $200.00 price target on shares of Reddit in a research report on Friday, May 1st. Finally, Wells Fargo & Company lifted their price objective on shares of Reddit from $176.00 to $187.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 7th. Nineteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $232.48.

Reddit Price Performance

NYSE:RDDT opened at $185.93 on Wednesday. The company has a fifty day moving average price of $173.90 and a 200 day moving average price of $168.62. Reddit Inc. has a one year low of $119.27 and a one year high of $282.95. The stock has a market cap of $35.79 billion, a P/E ratio of 53.12 and a beta of 1.93.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.39. The company had revenue of $663.41 million for the quarter, compared to analyst estimates 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 period in the prior year, the company posted $0.13 EPS. As a group, equities research analysts anticipate that Reddit Inc. will post 4.85 EPS for the current year.

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.