Greycroft LP Reduces Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Greycroft LP lessened its stake in Reddit, Inc. (NYSE:RDDT) by 54.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,500 shares of the company’s stock after selling 6,500 shares during the quarter. Reddit makes up 0.8% of Greycroft LP’s holdings, making the stock its 3rd biggest position. Greycroft LP’s holdings in Reddit were worth $899,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Watts Gwilliam & Co. LLC bought a new position in Reddit during the fourth quarter worth about $337,000. Ridgewood Investments LLC boosted its stake in shares of Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the period. Westmount Partners LLC bought a new position in shares of Reddit during the 4th quarter worth approximately $391,000. Sivia Capital Partners LLC increased its holdings in shares of Reddit by 277.6% during the 4th quarter. Sivia Capital Partners LLC now owns 184,577 shares of the company’s stock worth $30,167,000 after acquiring an additional 135,700 shares during the last quarter. Finally, AdvisorNet Financial Inc raised its stake in Reddit by 41.9% in the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock valued at $111,000 after acquiring an additional 201 shares during the period.

Wall Street Analyst Weigh In

A number of research firms have commented on RDDT. Piper Sandler reaffirmed an “overweight” rating and set a $150.00 price objective (up from $140.00) on shares of Reddit in a research report on Friday, May 2nd. Guggenheim decreased their price target on shares of Reddit from $170.00 to $165.00 and set a “buy” rating on the stock in a research note on Friday, May 2nd. Raymond James lowered their price target on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a report on Wednesday, March 12th. The Goldman Sachs Group boosted their price objective on Reddit from $124.00 to $140.00 and gave the stock a “neutral” rating in a report on Friday, May 2nd. Finally, Loop Capital reiterated a “buy” rating and set a $210.00 target price on shares of Reddit in a research note on Tuesday, March 11th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $140.35.

Insider Activity at Reddit

In other Reddit news, Director David C. Habiger purchased 774 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average price of $130.36 per share, with a total value of $100,898.64. Following the completion of the purchase, the director now owns 30,808 shares of the company’s stock, valued at approximately $4,016,130.88. The trade was a 2.58 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Steve Ladd Huffman sold 124,408 shares of Reddit stock in a transaction on Friday, March 14th. The stock was sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the transaction, the chief executive officer now owns 583,515 shares in the company, valued at approximately $74,316,470.40. This trade represents a 17.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 725,270 shares of company stock valued at $95,789,365 in the last 90 days.

Reddit Stock Performance

Shares of RDDT opened at $108.35 on Friday. Reddit, Inc. has a 52-week low of $49.13 and a 52-week high of $230.41. The business’s fifty day moving average is $111.54 and its 200-day moving average is $144.30. The firm has a market cap of $19.60 billion, a price-to-earnings ratio of -14.02, a PEG ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.02 by $0.11. The business had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The firm’s revenue was up 61.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($8.19) EPS. As a group, research analysts forecast that Reddit, Inc. will post 1.12 EPS 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.