ARK Investment Management LLC Has $46.69 Million Holdings in Reddit, Inc. (NYSE:RDDT)

ARK Investment Management LLC cut its holdings in Reddit, Inc. (NYSE:RDDT) by 19.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 285,667 shares of the company’s stock after selling 67,054 shares during the quarter. ARK Investment Management LLC owned 0.16% of Reddit worth $46,689,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. FMR LLC lifted its stake in Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after buying an additional 9,139,196 shares during the period. Jennison Associates LLC bought a new stake in shares of Reddit during the fourth quarter valued at approximately $494,861,000. Holocene Advisors LP increased its holdings in shares of Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after acquiring an additional 1,923,109 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after acquiring an additional 2,225,895 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its holdings in shares of Reddit by 1,519.4% during the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after acquiring an additional 1,548,450 shares in the last quarter.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several recent research reports. Loop Capital boosted their price objective on Reddit from $180.00 to $210.00 and gave the company a “buy” rating in a report on Thursday, February 13th. B. Riley boosted their price objective on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Guggenheim initiated coverage on Reddit in a report on Friday, December 20th. They set a “buy” rating and a $210.00 price objective for the company. Robert W. Baird boosted their price objective on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Finally, Sanford C. Bernstein upped their price target on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $175.95.

Reddit Price Performance

Shares of NYSE:RDDT opened at $159.59 on Wednesday. The company has a market capitalization of $28.87 billion and a PE ratio of -20.65. The business has a fifty day moving average price of $183.68 and a two-hundred day moving average price of $125.70. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings data 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%. Sell-side analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Activity

In other news, Director Mary Porter Gale sold 20,000 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $169.71, for a total transaction of $3,394,200.00. Following the transaction, the director now owns 26,309 shares of the company’s stock, valued at $4,464,900.39. This represents a 43.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $141.79, for a total value of $1,985,060.00. Following the transaction, the chief executive officer now directly owns 634,971 shares in the company, valued at $90,032,538.09. This represents a 2.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 220,000 shares of company stock valued at $38,754,528 in the last 90 days.

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.