Sumitomo Mitsui DS Asset Management Company Ltd Has $3.28 Million Stock Position in Reddit Inc. $RDDT

Sumitomo Mitsui DS Asset Management Company Ltd cut its holdings in shares of Reddit Inc. (NYSE:RDDT) by 29.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,885 shares of the company’s stock after selling 7,706 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Reddit were worth $3,278,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of RDDT. Sunbelt Securities Inc. raised its holdings in shares of Reddit by 87.5% during the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock worth $26,000 after buying an additional 91 shares in the last quarter. Ascentis Independent Advisors bought a new stake in shares of Reddit during the 1st quarter worth $30,000. Beacon Investment Advisory Services Inc. bought a new stake in shares of Reddit during the 2nd quarter worth $35,000. Geneos Wealth Management Inc. boosted its stake in Reddit by 344.6% in 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 in the last quarter. Finally, V Square Quantitative Management LLC acquired a new stake in Reddit in the first quarter valued at about $43,000.

Analyst Upgrades and Downgrades

Several brokerages have commented on RDDT. Jefferies Financial Group set a $250.00 target price on Reddit in a research note on Friday, July 10th. Citizens Jmp reduced their price target on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a research note on Friday, May 1st. Rothschild & Co Redburn set a $110.00 price target on shares of Reddit in a report on Monday, April 27th. Guggenheim reaffirmed a “buy” rating on shares of Reddit in a report on Friday, July 31st. Finally, Loop Capital reiterated a “buy” rating and set a $260.00 price objective on shares of Reddit in a research report on Thursday, June 4th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $220.90.

Reddit Stock Up 3.0%

Shares of RDDT stock opened at $158.10 on Friday. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95. The stock’s fifty day simple moving average is $175.21 and its 200 day simple moving average is $159.70. The firm has a market capitalization of $30.42 billion, a P/E ratio of 36.77, a P/E/G ratio of 0.52 and a beta of 2.03.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The firm had revenue of $804.91 million during the quarter, compared to the consensus estimate of $731.00 million. During the same period last year, the company earned $0.45 earnings per share. The business’s quarterly revenue was up 61.0% on a year-over-year basis. As a group, equities research analysts expect that Reddit Inc. will post 5.22 EPS for the current fiscal year.

Insider Activity

In other news, CAO Michelle Marie Reynolds sold 808 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total value of $161,600.00. Following the completion of the transaction, the chief accounting officer owned 15,060 shares of the company’s stock, valued at $3,012,000. This represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 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 transaction of $6,208,752.84. Following the completion of the transaction, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at approximately $172,541,252.52. This trade represents a 3.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 151,141 shares of company stock valued at $25,635,785 over the last quarter. 28.48% of the stock is owned by company insiders.

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.