Nikko Asset Management Americas Inc. Reduces Position in Reddit, Inc. (NYSE:RDDT)

Nikko Asset Management Americas Inc. cut its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 17.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 423,636 shares of the company’s stock after selling 89,235 shares during the quarter. Nikko Asset Management Americas Inc.’s holdings in Reddit were worth $69,239,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Jennison Associates LLC bought a new position in Reddit in the fourth quarter valued at about $494,861,000. Renaissance Capital LLC lifted its holdings in Reddit by 14.2% in the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after acquiring an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Reddit by 27.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after acquiring an additional 139,135 shares during the period. Assetmark Inc. lifted its holdings in Reddit by 1,537,566.7% in the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock valued at $7,539,000 after acquiring an additional 46,127 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Reddit by 3,640.5% in the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after acquiring an additional 248,499 shares during the period.

Insider Transactions at Reddit

In related news, insider Benjamin Seong Lee sold 92,299 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the sale, the insider now directly owns 115,001 shares of the company’s stock, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David C. Habiger purchased 774 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $130.36 per share, with a total value of $100,898.64. Following the completion of the purchase, the director now directly owns 30,808 shares in the company, valued at $4,016,130.88. The trade was a 2.58 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 346,053 shares of company stock worth $58,332,313.

Reddit Price Performance

NYSE RDDT opened at $127.71 on Monday. The stock has a market capitalization of $23.10 billion and a PE ratio of -16.52. The business has a 50 day simple moving average of $177.06 and a two-hundred day simple moving average of $133.76. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of recent research reports. Bank of America increased their target price on Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. JPMorgan Chase & Co. raised their price objective on Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Needham & Company LLC raised their price objective on Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. JMP Securities raised their price objective on Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 13th. Finally, Jefferies Financial Group lifted their target price on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $173.45.

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.