Ieq Capital LLC Decreases Position in Reddit Inc. $RDDT
Ieq Capital LLC reduced its stake in Reddit Inc. (NYSE:RDDT - Free Report) by 30.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 162,997 shares of the company's stock after selling 69,809 shares during the period. Ieq Capital LLC owned approximately 0.09% of Reddit worth $24,542,000 at the end of the most recent reporting period. Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Financial Perspectives Inc acquired a new stake in Reddit in the 2nd quarter valued at about $34,000. Advisors Asset Management Inc. increased its stake in shares of Reddit by 68.2% during the second quarter. Advisors Asset Management Inc. now owns 365 shares of the company's stock worth $55,000 after buying an additional 148 shares during the period. Geneos Wealth Management Inc. raised its holdings in Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock valued at $39,000 after acquiring an additional 286 shares in the last quarter. Western Pacific Wealth Management LP purchased a new position in Reddit in the second quarter worth approximately $60,000. Finally, E Fund Management Hong Kong Co. Ltd. acquired a new position in Reddit during the 2nd quarter worth approximately $76,000. Insider Transactions at RedditIn related news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $261.22, for a total transaction of $4,701,960.00. Following the completion of the sale, the chief executive officer owned 494,104 shares in the company, valued at $129,069,846.88. This represents a 3.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 24,000 shares of Reddit stock in a transaction on Monday, November 24th. The shares were sold at an average price of $192.72, for a total transaction of $4,625,280.00. Following the completion of the transaction, the chief technology officer owned 175,694 shares in the company, valued at approximately $33,859,747.68. This represents a 12.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 405,619 shares of company stock worth $85,742,898. Insiders own 34.25% of the company's stock. Wall Street Analyst Weigh InA number of equities research analysts have recently weighed in on the stock. Piper Sandler restated an "overweight" rating on shares of Reddit in a report on Monday, December 1st. China Renaissance started coverage on Reddit in a research note on Tuesday. They issued a "buy" rating and a $300.00 price target on the stock. Roth Capital set a $210.00 price target on Reddit in a report on Friday, October 31st. Morgan Stanley reiterated an "overweight" rating and issued a $250.00 price objective on shares of Reddit in a report on Friday, October 31st. Finally, Raymond James Financial reissued a "strong-buy" rating and set a $250.00 target price (up previously from $225.00) on shares of Reddit in a research report on Monday, October 20th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $230.28.Read Our Latest Research Report on RDDTReddit Stock PerformanceRDDT opened at $232.85 on Friday. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95. The stock has a market capitalization of $44.13 billion, a P/E ratio of 133.82, a price-to-earnings-growth ratio of 2.63 and a beta of 2.17. The business's 50-day simple moving average is $205.97 and its 200-day simple moving average is $190.15. Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.50 by $0.30. The firm had revenue of $584.91 million for the quarter, compared to the consensus estimate of $546.65 million. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The firm's quarterly revenue was up 67.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.16 EPS. On average, equities research analysts forecast that Reddit Inc. will post 1.12 EPS for the current fiscal year. About Reddit (Free Report)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.Featured StoriesThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Before you consider Reddit, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. 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