Institutional investor Baillie Gifford & Co. cut its position in Reddit Inc. by 5.8% during the third quarter. The firm sold 375,143 shares.
Baillie Gifford retains a stake of 6,107,185 shares. This holding is valued at approximately $1.405 billion and represents 3.26% of Reddit.
The institutional reduction follows significant insider selling. Over the past three months, insiders sold more than 509,000 shares.
Sales included transactions by CEO Steve Huffman and COO Jennifer Wong.
This selling occurred despite Reddit reporting strong third-quarter results. The company beat analyst estimates on both earnings per share and revenue.