Artisan Partners Limited Partnership Sells 52,772 Shares of Reddit Inc. $RDDT

Artisan Partners Limited Partnership decreased its stake in shares of Reddit Inc. (NYSE:RDDT) by 7.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 617,140 shares of the company’s stock after selling 52,772 shares during the period. Artisan Partners Limited Partnership’s holdings in Reddit were worth $141,862,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RDDT. NewEdge Advisors LLC lifted its position in Reddit by 143.3% during the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after purchasing an additional 4,701 shares during the period. Empowered Funds LLC bought a new position in Reddit during the first quarter valued at approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Reddit by 106.3% during the first 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 purchasing an additional 111,780 shares during the period. Focus Partners Wealth lifted its position in Reddit by 40.8% during the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock valued at $1,073,000 after purchasing an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. lifted its position in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after purchasing an additional 286 shares during the period.

Reddit Trading Down 3.4%

RDDT opened at $175.66 on Wednesday. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95. The company has a market capitalization of $33.82 billion, a PE ratio of 50.19 and a beta of 1.91. The firm’s 50 day simple moving average is $159.09 and its two-hundred day simple moving average is $176.27.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share (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 analysts’ expectations of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The company’s revenue for the quarter was up 69.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.13 earnings per share. Equities analysts forecast that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Citigroup reiterated a “market outperform” rating on shares of Reddit in a research report on Tuesday, May 26th. Piper Sandler reiterated an “overweight” rating and issued a $215.00 price target (up from $205.00) on shares of Reddit in a research report on Friday, May 1st. Wells Fargo & Company increased their price target on shares of Reddit from $149.00 to $176.00 and gave the stock an “equal weight” rating in a research report on Friday, May 1st. Wall Street Zen downgraded shares of Reddit from a “buy” rating to a “hold” rating in a research report on Sunday, May 10th. Finally, Citizens Jmp decreased their price target on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a research report on Friday, May 1st. Eighteen analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $230.75.

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 15,500 shares of the stock in a transaction 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 sale, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at $5,787,686.71. This represents a 28.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at approximately $172,541,252.52. This trade represents a 3.47% 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. Insiders sold a total of 193,334 shares of company stock valued at $30,507,093 over the last three months. Corporate insiders own 28.48% of the company’s stock.

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.