Reddit Inc. $RDDT Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its holdings in shares of Reddit Inc. (NYSE:RDDT) by 20.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 191,729 shares of the company’s stock after selling 48,759 shares during the period. Principal Financial Group Inc. owned 0.10% of Reddit worth $25,816,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. NewEdge Advisors LLC raised its stake in Reddit by 143.3% during the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after acquiring an additional 4,701 shares in the last quarter. Empowered Funds LLC acquired a new position in shares of Reddit during the first quarter valued at $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Reddit by 106.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after purchasing an additional 111,780 shares during the period. Focus Partners Wealth increased its holdings in shares of Reddit by 40.8% during the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock valued at $1,073,000 after purchasing an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. raised its stake in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after purchasing an additional 286 shares in the last quarter.

Insider Transactions at Reddit

In other news, CAO Michelle Marie Reynolds sold 808 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total transaction of $161,600.00. Following the sale, the chief accounting officer owned 15,060 shares in the company, valued at $3,012,000. The trade was a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the completion of the transaction, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at $66,636,083.64. This represents a 4.59% decrease in their position. 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. Insiders have sold a total of 169,141 shares of company stock valued at $28,680,845 over the last ninety days. Corporate insiders own 28.48% of the company’s stock.

Reddit Stock Up 0.5%

Shares of NYSE RDDT opened at $182.08 on Tuesday. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95. The company has a market cap of $35.05 billion, a price-to-earnings ratio of 52.02 and a beta of 1.93. The business has a fifty day simple moving average of $173.23 and a 200-day simple moving average of $168.93.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. During the same quarter last year, the business posted $0.13 EPS. Reddit’s revenue was up 69.1% on a year-over-year basis. As a group, sell-side analysts expect that Reddit Inc. will post 4.85 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Reddit in a research report on Friday, May 8th. DA Davidson restated a “buy” rating and set a $200.00 price target on shares of Reddit in a research report on Friday, May 1st. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $200.00 price target on shares of Reddit in a research note on Friday, May 1st. Citigroup reiterated a “market outperform” rating on shares of Reddit in a report on Tuesday, May 26th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $200.00 price objective on shares of Reddit in a research note on Monday. Nineteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $232.48.

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.