CFO4Life Group LLC Sells 28,907 Shares of Reddit, Inc. (NYSE:RDDT)

CFO4Life Group LLC cut its position in Reddit, Inc. (NYSE:RDDT) by 84.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,312 shares of the company’s stock after selling 28,907 shares during the quarter. CFO4Life Group LLC’s holdings in Reddit were worth $868,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Tredje AP fonden bought a new position in Reddit in the fourth quarter worth about $13,132,000. Swiss National Bank raised its holdings in Reddit by 132.8% in the fourth quarter. Swiss National Bank now owns 111,300 shares of the company’s stock worth $18,191,000 after purchasing an additional 63,500 shares in the last quarter. Rakuten Securities Inc. raised its holdings in Reddit by 3,205.8% in the fourth quarter. Rakuten Securities Inc. now owns 4,000 shares of the company’s stock worth $654,000 after purchasing an additional 3,879 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in Reddit by 148.5% in the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock worth $40,000 after purchasing an additional 147 shares in the last quarter. Finally, EverSource Wealth Advisors LLC acquired a new position in shares of Reddit during the fourth quarter valued at about $28,000.

Insider Activity

In other news, insider Benjamin Seong Lee sold 92,299 shares of the 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 transaction, the insider now owns 115,001 shares in the company, valued at $18,095,407.35. This trade represents a 44.52 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.20, for a total value of $2,466,800.00. Following the transaction, the chief executive officer now owns 620,971 shares in the company, valued at $109,415,090.20. This trade represents a 2.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 393,386 shares of company stock worth $66,673,388 in the last quarter.

Reddit Trading Up 6.5 %

Reddit stock opened at $130.74 on Thursday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The stock’s 50 day simple moving average is $178.95 and its two-hundred day simple moving average is $132.30. The firm has a market cap of $23.65 billion and a PE ratio of -16.91.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating 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, equities research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on RDDT. Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. Piper Sandler upped their price objective on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Citigroup restated a “neutral” rating on shares of Reddit in a report on Thursday, February 13th. Wells Fargo & Company upped their price objective on shares of Reddit from $206.00 to $215.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Finally, B. Riley upped their price objective on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $173.45.

About Reddit

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.