Coatue Management LLC Sells 311,454 Shares of Reddit Inc. $RDDT

Coatue Management LLC trimmed its holdings in shares of Reddit Inc. (NYSE:RDDT) by 5.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,897,540 shares of the company’s stock after selling 311,454 shares during the quarter. Reddit comprises 3.3% of Coatue Management LLC’s portfolio, making the stock its 12th biggest holding. Coatue Management LLC owned 3.11% of Reddit worth $1,356,375,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of RDDT. Norges Bank acquired a new stake in shares of Reddit in the second quarter worth about $294,254,000. Vanguard Group Inc. increased its holdings in shares of Reddit by 12.9% during 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. Amundi increased its holdings in shares of Reddit by 2,060.5% during the 2nd quarter. Amundi now owns 1,307,231 shares of the company’s stock valued at $208,294,000 after acquiring an additional 1,246,725 shares during the last quarter. Invesco Ltd. raised its stake in shares of Reddit by 419.0% in the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock valued at $342,212,000 after acquiring an additional 1,201,237 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Reddit by 138.5% in the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after acquiring an additional 1,178,890 shares in the last quarter.

Reddit Stock Down 0.0%

RDDT opened at $132.21 on Friday. The stock’s 50 day moving average price is $177.60 and its two-hundred day moving average price is $204.92. The firm has a market capitalization of $25.26 billion, a P/E ratio of 50.46, a price-to-earnings-growth ratio of 0.96 and a beta of 2.40. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95.

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

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction on Friday, December 19th. The shares were sold at an average price of $234.37, for a total value of $9,179,569.79. Following the completion of the sale, the chief operating officer directly owned 1,184,528 shares of the company’s stock, valued at $277,617,827.36. This represents a 3.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Benjamin Seong Lee sold 55,005 shares of the firm’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $221.21, for a total transaction of $12,167,656.05. Following the completion of the sale, the insider owned 62,608 shares in the company, valued at $13,849,515.68. This represents a 46.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 433,335 shares of company stock valued at $89,139,359 in the last three months. 34.25% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on RDDT. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 target price on shares of Reddit in a research report on Friday, February 6th. UBS Group set a $265.00 price target on shares of Reddit in a research report on Tuesday, January 13th. Zacks Research cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 26th. Evercore reaffirmed an “outperform” rating and set a $290.00 price objective on shares of Reddit in a report on Friday, February 6th. Finally, Jefferies Financial Group lowered their target price on shares of Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $236.00.

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.