BUZZ-Reddit retreats from record after Tencent reveals share sales

Reuters11-22 21:07

BUZZ-<a href="https://laohu8.com/S/RDDT">Reddit</a> retreats from record after Tencent reveals share sales

** Shares of social media firm Reddit RDDT.N down 7.4% premarket to $146.30 after Tencent Holdings 0700.HK disclosed offloading some of its stake

** RDDT shares on Thurs jumped 16% to close at $158.02. During the session, stock touched record high of $158.59 vs Mar IPO price of $34

** Chinese tech firm reported post-market Thurs it sold 654,979 shares on Tues (Nov 19) at overall avg price of $133.76, or nearly $90 mln worth

** In prior filings, Tencent disclosed selling 882,583 shares between Nov 14-18, and nearly 1.5 mln shares between Nov 11-13

** In aggregate, the roughly $400 mln worth of sales cut Tencent's holdings to ~7.75 mln shares, per the filings

** RDDT CEO Steve Huffman and COO Jennifer Wong also disclosed selling smaller amounts of shares over the past week

** RDDT has ~175.6 mln shares outstanding, per LSEG

** RDDT shares closed at $81.74 on Oct 29, just before co posted its first qtrly profit and forecast Q4 rev above estimates, helped by AI content licensing deals

** Avg rating among 17 analysts covering RDDT is "buy" and median PT is $116 - LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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