Public Employees Retirement System of Ohio lessened its holdings in Reddit Inc. (NYSE:RDDT – Free Report) by 27.7% during the 1st quarter, HoldingsChannel.com reports. The fund owned 37,699 shares of the company’s stock after selling 14,432 shares during the period. Public Employees Retirement System of Ohio’s holdings in Reddit were worth $5,076,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in RDDT. Institute for Wealth Management LLC. lifted its holdings in Reddit by 6.1% during the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock valued at $246,000 after buying an additional 62 shares in the last quarter. Florida Financial Advisors LLC increased its holdings in Reddit by 6.7% during the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after purchasing an additional 68 shares during the period. Diversified Trust Co raised its position in Reddit by 2.1% during the 1st quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock valued at $440,000 after purchasing an additional 68 shares in the last quarter. Yousif Capital Management LLC lifted its holdings in shares of Reddit by 5.1% in the 4th quarter. Yousif Capital Management LLC now owns 1,554 shares of the company’s stock worth $350,000 after buying an additional 75 shares during the period. Finally, Alta Wealth Advisors LLC grew its position in shares of Reddit by 6.5% during the 4th quarter. Alta Wealth Advisors LLC now owns 1,315 shares of the company’s stock worth $302,000 after buying an additional 80 shares in the last quarter.
Insider Buying and Selling at Reddit
In other news, CAO Michelle Marie Reynolds sold 808 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total transaction of $161,600.00. Following the sale, the chief accounting officer directly owned 15,060 shares in the company, valued at $3,012,000. This trade represents a 5.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were 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 approximately $172,541,252.52. The trade was a 3.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 169,141 shares of company stock valued at $28,680,845. 28.48% of the stock is owned by company insiders.
Analysts Set New Price Targets
Get Our Latest Stock Analysis on RDDT
Reddit Stock Performance
Shares of RDDT stock opened at $177.97 on Thursday. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95. The firm has a market capitalization of $34.26 billion, a PE ratio of 50.85 and a beta of 1.93. The stock’s 50-day simple moving average is $176.17 and its 200-day simple moving average is $165.56.
Reddit (NYSE:RDDT – Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The company reported $1.01 EPS 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 company had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. During the same period in the prior year, the company earned $0.13 earnings per share. The firm’s revenue was up 69.1% on a year-over-year basis. Sell-side analysts forecast that Reddit Inc. will post 4.85 earnings per share for the current year.
Reddit 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.
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