Reddit Inc. $RDDT Shares Sold by T. Rowe Price Investment Management Inc.

T. Rowe Price Investment Management Inc. lessened its holdings in Reddit Inc. (NYSE:RDDT) by 7.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,855,572 shares of the company’s stock after selling 147,470 shares during the quarter. T. Rowe Price Investment Management Inc. owned 0.97% of Reddit worth $426,541,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RDDT. Raiffeisen Bank International AG purchased a new stake in shares of Reddit in the third quarter valued at approximately $25,000. GW&K Investment Management LLC purchased a new position in Reddit in the third quarter worth $30,000. LOM Asset Management Ltd acquired a new stake in Reddit in the fourth quarter valued at $33,000. Noble Wealth Management PBC acquired a new stake in Reddit in the fourth quarter valued at $34,000. Finally, Summit Securities Group LLC purchased a new stake in shares of Reddit during the 4th quarter worth $46,000.

Reddit Stock Up 5.7%

Reddit stock opened at $175.38 on Friday. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95. The firm’s 50-day simple moving average is $160.32 and its 200 day simple moving average is $175.69. The firm has a market capitalization of $33.76 billion, a PE ratio of 50.11 and a beta of 1.91.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $607.74 million. During the same quarter in the previous year, the business posted $0.13 earnings per share. The firm’s quarterly revenue was up 69.1% compared to the same quarter last year. On average, research analysts expect that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RDDT has been the topic of a number of recent analyst reports. Citigroup reaffirmed a “market outperform” rating on shares of Reddit in a research note on Tuesday, May 26th. Bank of America decreased their price objective on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Wall Street Zen lowered shares of Reddit from a “buy” rating to a “hold” rating in a research report on Sunday, May 10th. Jefferies Financial Group dropped their target price on shares of Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a report on Tuesday, March 10th. Finally, Wells Fargo & Company lifted their price target on shares of Reddit from $149.00 to $176.00 and gave the company an “equal weight” rating in a research report on Friday, May 1st. Eighteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat, Reddit has an average rating of “Moderate Buy” and an average target price of $230.75.

Insider Buying and Selling at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 15,500 shares of Reddit stock in a transaction dated 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 $5,787,686.71. The trade was a 28.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the completion of the sale, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $66,636,083.64. The trade was a 4.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 250,500 shares of company stock worth $40,645,805. Corporate insiders own 28.48% of the company’s stock.

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.