Pictet Asset Management Holding SA Lowers Holdings in Reddit Inc. $RDDT

Pictet Asset Management Holding SA lowered its stake in shares of Reddit Inc. (NYSE:RDDT) by 80.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,413 shares of the company’s stock after selling 163,771 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Reddit were worth $5,303,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of RDDT. Capital World Investors purchased a new stake in Reddit in the fourth quarter valued at approximately $1,293,258,000. Norges Bank purchased a new position in Reddit during the fourth quarter worth approximately $372,047,000. Invesco Ltd. raised its stake in Reddit by 419.0% during the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after purchasing an additional 1,201,237 shares during the period. State Street Corp raised its stake in Reddit by 138.5% during the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after purchasing an additional 1,178,890 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Reddit by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock valued at $3,062,339,000 after purchasing an additional 1,083,540 shares during the last quarter.

Analyst Ratings Changes

Several analysts have recently issued reports on RDDT shares. Jefferies Financial Group lowered their price objective on shares of Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Citigroup reiterated a “market outperform” rating on shares of Reddit in a report on Tuesday, May 26th. Oppenheimer reissued an “outperform” rating and set a $225.00 price target on shares of Reddit in a research report on Friday, May 1st. Loop Capital restated a “buy” rating and set a $260.00 price target on shares of Reddit in a research note on Thursday, June 4th. Finally, Wells Fargo & Company upped their price target on Reddit from $149.00 to $176.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Eighteen investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $230.75.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $173.13, for a total value of $3,116,340.00. Following the completion of the sale, the chief executive officer owned 373,814 shares of the company’s stock, valued at $64,718,417.82. This represents 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 at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the stock in a transaction dated 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 owned 38,413 shares of the company’s stock, valued at approximately $5,787,686.71. This trade represents a 28.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 241,000 shares of company stock valued at $40,030,125 over the last three months. 28.48% of the stock is owned by company insiders.

Reddit Stock Down 0.1%

Reddit stock opened at $194.57 on Friday. The firm has a fifty day moving average of $164.92 and a 200-day moving average of $171.91. Reddit Inc. has a 52-week low of $119.27 and a 52-week high of $282.95. The firm has a market capitalization of $37.46 billion, a P/E ratio of 55.59 and a beta of 1.93.

Reddit (NYSE:RDDT) last posted its earnings results 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. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. During the same quarter in the previous year, the business posted $0.13 EPS. The business’s quarterly revenue was up 69.1% on a year-over-year basis. On average, research analysts expect that Reddit Inc. will post 4.83 EPS for the current fiscal year.

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.