Stephens Inc. AR Cuts Stock Position in Reddit Inc. $RDDT

Stephens Inc. AR cut its holdings in Reddit Inc. (NYSE:RDDT) by 87.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,667 shares of the company’s stock after selling 11,756 shares during the quarter. Stephens Inc. AR’s holdings in Reddit were worth $383,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in RDDT. Raiffeisen Bank International AG purchased a new stake in shares of Reddit in the third quarter valued at approximately $25,000. GW&K Investment Management LLC purchased a new stake in shares of Reddit in the third quarter valued at approximately $30,000. Cornerstone Planning Group LLC increased its position in shares of Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after buying an additional 135 shares in the last quarter. LOM Asset Management Ltd purchased a new stake in shares of Reddit in the fourth quarter valued at approximately $33,000. Finally, Noble Wealth Management PBC purchased a new stake in shares of Reddit in the fourth quarter valued at approximately $34,000.

Reddit Stock Performance

Shares of RDDT opened at $141.87 on Friday. Reddit Inc. has a one year low of $95.23 and a one year high of $282.95. The stock has a market capitalization of $27.31 billion, a price-to-earnings ratio of 40.53 and a beta of 1.85. The stock has a 50 day moving average price of $147.67 and a 200 day moving average price of $179.50.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, April 30th. The company reported $1.01 EPS 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 firm had revenue of $663.41 million during the quarter, compared to analysts’ expectations of $607.74 million. During the same period in the previous year, the business earned $0.13 earnings per share. The firm’s revenue for the quarter was up 69.1% on a year-over-year basis. On average, analysts predict that Reddit Inc. will post 4.83 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on RDDT shares. JPMorgan Chase & Co. cut their price objective on Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Jefferies Financial Group cut their price objective on Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research report on Tuesday, March 10th. Evercore restated an “outperform” rating and issued a $290.00 price objective on shares of Reddit in a research report on Friday, February 6th. Robert W. Baird set a $200.00 price target on Reddit in a research report on Friday, February 6th. Finally, Wall Street Zen cut Reddit from a “buy” rating to a “hold” rating in a research report on Sunday, May 10th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $228.61.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $158.52, for a total value of $6,208,752.84. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares in the company, valued at $172,541,252.52. This represents a 3.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 on Friday, May 15th. The shares were sold at an average price of $157.15, for a total value of $2,828,700.00. Following the completion of the sale, the chief executive officer owned 411,195 shares of the company’s stock, valued at approximately $64,619,294.25. 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. Over the last ninety days, insiders sold 326,144 shares of company stock worth $48,788,412. 34.25% of the stock is owned by corporate insiders.

About Reddit

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.