Clearbridge Investments LLC Decreases Stock Holdings in Reddit Inc. $RDDT

Clearbridge Investments LLC trimmed its position in shares of Reddit Inc. (NYSE:RDDT) by 1.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 327,738 shares of the company’s stock after selling 3,937 shares during the period. Clearbridge Investments LLC’s holdings in Reddit were worth $75,337,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Raiffeisen Bank International AG purchased a new stake in shares of Reddit during the 3rd quarter worth approximately $25,000. GW&K Investment Management LLC purchased a new stake in shares of Reddit during the 3rd quarter worth approximately $30,000. LOM Asset Management Ltd purchased a new stake in shares of Reddit during the 4th quarter worth approximately $33,000. Noble Wealth Management PBC purchased a new stake in shares of Reddit during the 4th quarter worth approximately $34,000. Finally, Sound Income Strategies LLC purchased a new stake in shares of Reddit during the 4th quarter worth approximately $47,000.

Reddit Stock Performance

NYSE:RDDT opened at $171.18 on Tuesday. The stock’s fifty day moving average is $153.99 and its 200 day moving average is $177.19. Reddit Inc. has a fifty-two week low of $110.85 and a fifty-two week high of $282.95. The firm has a market capitalization of $32.95 billion, a PE ratio of 48.91 and a beta of 1.91.

Reddit (NYSE:RDDT) last released its quarterly 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 return on equity of 25.48% and a net margin of 28.60%.The company had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. During the same quarter in the prior year, the firm posted $0.13 EPS. Reddit’s quarterly revenue was up 69.1% compared to the same quarter last year. Equities analysts forecast that Reddit Inc. will post 4.83 EPS for the current year.

Insiders Place Their Bets

In other Reddit news, 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 value of $6,208,752.84. Following the sale, the chief operating officer owned 1,088,451 shares in the company, valued at $172,541,252.52. This trade represents a 3.47% decrease in their ownership of the stock. The transaction 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, CTO Christopher Brian Slowe sold 15,500 shares of the stock in a transaction on Wednesday, April 8th. The stock was 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 in the company, valued at approximately $5,787,686.71. The trade was a 28.75% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 250,499 shares of company stock worth $38,515,283 over the last quarter. Company insiders own 28.48% of the company’s stock.

Wall Street Analysts Forecast Growth

RDDT has been the topic of several recent research reports. DA Davidson reaffirmed a “buy” rating and set a $200.00 price objective on shares of Reddit in a report on Friday, May 1st. Cantor Fitzgerald upped their price objective on Reddit from $170.00 to $180.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Wells Fargo & Company upped their price objective on Reddit from $149.00 to $176.00 and gave the stock an “equal weight” rating in a report on Friday, May 1st. Zacks Research cut Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $225.00 price objective on shares of Reddit in a report on Friday, May 1st. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $230.75.

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.