BIT Capital GmbH Sells 64,257 Shares of Reddit, Inc. (NYSE:RDDT)

BIT Capital GmbH lessened its stake in shares of Reddit, Inc. (NYSE:RDDT) by 14.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 394,105 shares of the company’s stock after selling 64,257 shares during the quarter. Reddit makes up 5.1% of BIT Capital GmbH’s holdings, making the stock its 7th biggest holding. BIT Capital GmbH owned approximately 0.22% of Reddit worth $64,413,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Plato Investment Management Ltd bought a new stake in Reddit during the 4th quarter worth $27,000. EverSource Wealth Advisors LLC bought a new stake in shares of Reddit during the fourth quarter worth about $28,000. Ridgewood Investments LLC increased its stake in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after buying an additional 100 shares during the period. Farmers & Merchants Investments Inc. bought a new position in Reddit in the 4th quarter valued at approximately $33,000. Finally, Bogart Wealth LLC acquired a new stake in Reddit during the 4th quarter worth approximately $33,000.

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $101,577,760.02. This trade represents a 2.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michelle Marie Reynolds sold 11,965 shares of Reddit stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the transaction, the chief accounting officer now directly owns 48,418 shares in the company, valued at $7,621,477.38. This represents a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 603,794 shares of company stock valued at $90,255,404.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Citigroup restated a “neutral” rating on shares of Reddit in a research report on Thursday, February 13th. JPMorgan Chase & Co. raised their target price on Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Raymond James reduced their price target on Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, March 12th. Seaport Res Ptn upgraded Reddit to a “hold” rating in a research report on Thursday, February 6th. Finally, Morgan Stanley lifted their price objective on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Reddit has a consensus rating of “Moderate Buy” and an average price target of $167.86.

Reddit Stock Down 4.3 %

NYSE RDDT opened at $120.07 on Thursday. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The business has a 50 day moving average price of $168.60 and a 200-day moving average price of $136.54. The company has a market cap of $21.72 billion and a price-to-earnings ratio of -15.53.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, equities research analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.

Reddit Profile

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.