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

Korea Investment CORP reduced its holdings in shares of Reddit Inc. (NYSE:RDDT) by 30.9% in the third quarter, according to its most recent filing with the SEC. The fund 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.

A number of other large investors also recently bought and sold shares of RDDT. Vanguard Group Inc. grew its position in Reddit by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after acquiring an additional 1,401,293 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Reddit by 7.5% during the second quarter. JPMorgan Chase & Co. now owns 2,051,175 shares of the company’s stock worth $308,846,000 after purchasing an additional 143,680 shares during the last quarter. State Street Corp lifted its position in shares of 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 last quarter. Geode Capital Management LLC boosted its stake in shares of Reddit by 72.1% during the second quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company’s stock valued at $299,044,000 after purchasing an additional 833,245 shares during the period. Finally, Norges Bank purchased a new stake in shares of Reddit during the second quarter valued at $294,254,000.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $220.28, for a total value of $3,965,040.00. Following the completion of the transaction, the chief executive officer owned 448,576 shares of the company’s stock, valued at $98,812,321.28. The trade was a 3.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 19,036 shares of the company’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total value of $2,742,135.80. Following the sale, the chief technology officer owned 185,057 shares of the company’s stock, valued at approximately $26,657,460.85. This represents a 9.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 433,335 shares of company stock valued at $89,139,359 over the last quarter. 34.25% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Reddit in a research note on Monday, December 29th. Morgan Stanley set a $240.00 target price on shares of Reddit in a research note on Friday, February 6th. Evercore reaffirmed an “outperform” rating and set a $290.00 target price on shares of Reddit in a research report on Friday, February 6th. B. Riley Financial lifted their price target on shares of Reddit from $245.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, February 6th. Finally, Cantor Fitzgerald lowered their price target on Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and an average target price of $236.00.

Reddit Price Performance

Shares of Reddit stock opened at $132.06 on Friday. The stock has a market cap 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 firm’s 50-day moving average is $179.79 and its two-hundred day moving average is $205.64. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95.

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