Clearbridge Investments LLC Sells 3,937 Shares of Reddit Inc. $RDDT

Clearbridge Investments LLC reduced its position in shares of Reddit Inc. (NYSE:RDDT) by 1.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 327,738 shares of the company’s stock after selling 3,937 shares during the quarter. Clearbridge Investments LLC owned 0.17% of Reddit worth $75,337,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake 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 valued at $2,814,734,000 after acquiring an additional 1,401,293 shares during the period. Truist Financial Corp grew its stake in shares of Reddit by 67.7% during the 4th quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock valued at $3,600,000 after acquiring an additional 6,321 shares during the period. Swiss Life Asset Management Ltd grew its stake in shares of Reddit by 63.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock valued at $7,357,000 after acquiring an additional 12,398 shares during the period. WT Asset Management Ltd bought a new position in shares of Reddit during the 3rd quarter valued at approximately $92,973,000. Finally, Calamos Advisors LLC bought a new position in shares of Reddit during the 4th quarter valued at approximately $2,299,000.

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the company’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 value of $6,324,295.49. Following the completion of the transaction, the chief operating officer directly owned 1,088,451 shares in the company, valued at $175,752,182.97. This represents a 3.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $132.77, for a total value of $2,389,860.00. Following the completion of the transaction, the chief executive officer owned 411,195 shares of the company’s stock, valued at $54,594,360.15. The trade was a 4.19% 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. Insiders sold 250,499 shares of company stock worth $38,515,283 in the last three months. 28.48% of the stock is owned by company insiders.

Reddit Price Performance

RDDT stock opened at $171.18 on Tuesday. Reddit Inc. has a 1-year low of $110.85 and a 1-year high of $282.95. The company has a market capitalization of $32.95 billion, a price-to-earnings ratio of 48.91 and a beta of 1.91. The business has a 50 day simple moving average of $153.99 and a two-hundred day simple moving average of $177.19.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $607.74 million. During the same period in the prior year, the company posted $0.13 EPS. The firm’s revenue for the quarter was up 69.1% compared to the same quarter last year. Sell-side analysts anticipate that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RDDT has been the subject of a number of recent research reports. Wells Fargo & Company boosted their price objective on Reddit from $149.00 to $176.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st. Bank of America cut their price objective on Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a research note on Thursday, April 2nd. Rothschild & Co Redburn set a $110.00 price objective on Reddit in a research note on Monday, April 27th. Truist Financial set a $265.00 price objective on Reddit in a research note on Friday, May 1st. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Reddit in a research note on Friday, May 8th. Eighteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $230.75.

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.