XTX Topco Ltd Trims Position in Reddit Inc. $RDDT

XTX Topco Ltd cut its stake in shares of Reddit Inc. (NYSE:RDDT) by 92.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,167 shares of the company’s stock after selling 25,604 shares during the period. XTX Topco Ltd’s holdings in Reddit were worth $326,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Resona Asset Management Co. Ltd. grew its stake in Reddit by 0.3% during the second quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company’s stock valued at $3,023,000 after acquiring an additional 65 shares in the last quarter. Congress Park Capital LLC boosted its holdings in Reddit by 2.0% in the 2nd quarter. Congress Park Capital LLC now owns 3,885 shares of the company’s stock valued at $585,000 after purchasing an additional 76 shares during the period. Platinum Investment Management Ltd. grew its position in shares of Reddit by 4.3% during the 2nd quarter. Platinum Investment Management Ltd. now owns 2,322 shares of the company’s stock valued at $350,000 after purchasing an additional 95 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Reddit by 12.5% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,323 shares of the company’s stock worth $139,000 after purchasing an additional 147 shares during the period. Finally, SLT Holdings LLC raised its position in shares of Reddit by 2.6% in the second quarter. SLT Holdings LLC now owns 6,308 shares of the company’s stock worth $950,000 after buying an additional 158 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Royal Bank Of Canada restated a “sector perform” rating on shares of Reddit in a research report on Wednesday, October 1st. Zacks Research upgraded shares of Reddit from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 29th. Wall Street Zen lowered shares of Reddit from a “buy” rating to a “hold” rating in a research report on Saturday. Raymond James Financial reissued a “strong-buy” rating and issued a $250.00 price target (up previously from $225.00) on shares of Reddit in a research note on Monday, October 20th. Finally, Roth Capital set a $210.00 price objective on shares of Reddit in a research report on Friday, October 31st. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and an average price target of $226.33.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $215.19, for a total transaction of $3,873,420.00. Following the transaction, the chief executive officer directly owned 448,576 shares in the company, valued at $96,529,069.44. This trade represents a 3.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 63,427 shares of the stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $192.72, for a total value of $12,223,651.44. Following the sale, the chief operating officer directly owned 1,184,528 shares of the company’s stock, valued at approximately $228,282,236.16. This trade represents a 5.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 380,370 shares of company stock worth $79,846,584 over the last three months. Corporate insiders own 34.25% of the company’s stock.

Reddit Stock Performance

Shares of Reddit stock opened at $234.47 on Monday. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95. The company has a fifty day moving average of $204.60 and a 200-day moving average of $187.58. The stock has a market capitalization of $44.43 billion, a price-to-earnings ratio of 134.75, a price-to-earnings-growth ratio of 2.58 and a beta of 2.17.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.30. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The business had revenue of $584.91 million during the quarter, compared to the consensus estimate of $546.65 million. During the same period in the previous year, the firm posted $0.16 earnings per share. The firm’s revenue for the quarter was up 67.9% on a year-over-year basis. On average, equities research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Reddit Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.