Korea Investment CORP Sells 12,063 Shares of Reddit Inc. $RDDT

Korea Investment CORP trimmed its stake in shares of Reddit Inc. (NYSE:RDDT) by 30.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 27,016 shares of the company’s stock after selling 12,063 shares during the period. Korea Investment CORP’s holdings in Reddit were worth $6,213,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. NewEdge Advisors LLC boosted its holdings in shares of Reddit by 143.3% during the 1st 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 last quarter. Empowered Funds LLC bought a new stake in shares of Reddit in the first quarter worth about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Reddit by 106.3% in 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 worth $22,759,000 after buying an additional 111,780 shares in the last quarter. Focus Partners Wealth boosted its stake 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 buying an additional 2,965 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake 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 buying an additional 286 shares during the last quarter.

Insider Activity at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 19,036 shares of the business’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $144.05, for a total transaction of $2,742,135.80. Following the transaction, the chief technology officer owned 185,057 shares in the company, valued at $26,657,460.85. The trade was a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sarah E. Farrell bought 43,800 shares of Reddit stock in a transaction dated Tuesday, February 10th. The stock was purchased at an average cost of $149.52 per share, for a total transaction of $6,548,976.00. Following the purchase, the director owned 43,800 shares of the company’s stock, valued at approximately $6,548,976. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold 433,335 shares of company stock valued at $89,139,359 over the last three months. Corporate insiders own 34.25% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Jefferies Financial Group reduced their price objective on Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday. Wells Fargo & Company set a $196.00 target price on Reddit in a research report on Monday, February 9th. Zacks Research lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Friday, December 26th. Guggenheim boosted their price target on shares of Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Finally, UBS Group set a $265.00 price target on shares of Reddit in a research note on Tuesday, January 13th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $236.00.

Reddit Price Performance

NYSE:RDDT opened at $132.06 on Friday. The firm has a market capitalization of $25.23 billion, a price-to-earnings ratio of 50.40, a PEG ratio of 1.00 and a beta of 2.40. The business has a 50 day simple moving average of $179.79 and a 200-day simple moving average of $205.64. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The firm had revenue of $725.61 million for the quarter, compared to the consensus estimate of $665.80 million. During the same quarter in the previous year, the company posted $0.36 EPS. The company’s revenue for the quarter was up 69.7% compared to the same quarter last year. As a group, analysts expect that Reddit Inc. will post 1.12 earnings per share 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.