Reddit, Inc. (NYSE:RDDT) Shares Sold by PDT Partners LLC

PDT Partners LLC reduced its stake in shares of Reddit, Inc. (NYSE:RDDT) by 53.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,100 shares of the company’s stock after selling 26,800 shares during the period. PDT Partners LLC’s holdings in Reddit were worth $3,775,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after buying an additional 5,950,909 shares in the last quarter. Jennison Associates LLC bought a new position in shares of Reddit in the 4th quarter worth about $494,861,000. Alliancebernstein L.P. grew its position in shares of Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after buying an additional 2,537,768 shares during the last quarter. Brooklyn FI LLC acquired a new stake in Reddit during the fourth quarter worth about $303,082,000. Finally, GQG Partners LLC bought a new position in Reddit in the fourth quarter worth about $271,539,000.

Analyst Ratings Changes

A number of analysts have recently weighed in on RDDT shares. Roth Mkm cut Reddit from a “buy” rating to a “neutral” rating and increased their price target for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Redburn Partners set a $75.00 price target on shares of Reddit in a research report on Monday, March 17th. Truist Financial started coverage on shares of Reddit in a research report on Monday, April 7th. They issued a “buy” rating and a $150.00 price objective on the stock. Loop Capital reissued a “buy” rating and set a $210.00 target price on shares of Reddit in a research note on Tuesday, March 11th. Finally, The Goldman Sachs Group dropped their price target on shares of Reddit from $185.00 to $124.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $142.22.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the transaction, the insider now directly owns 115,001 shares in the company, valued at approximately $18,095,407.35. This represents a 44.52 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 725,270 shares of company stock worth $97,067,425.

Reddit Price Performance

Shares of RDDT opened at $121.16 on Tuesday. The company has a market capitalization of $21.92 billion and a price-to-earnings ratio of -15.67. The business’s 50-day moving average is $120.74 and its 200-day moving average is $142.98. Reddit, Inc. has a fifty-two week low of $44.15 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating 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%. Equities research analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Reddit Company 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.