Reddit, Inc. (NYSE:RDDT) Shares Sold by Shellback Capital LP

Shellback Capital LP cut its position in Reddit, Inc. (NYSE:RDDT) by 46.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,000 shares of the company’s stock after selling 35,000 shares during the quarter. Shellback Capital LP’s holdings in Reddit were worth $6,538,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC lifted its holdings in Reddit by 7.5% in the 4th quarter. FMR LLC now owns 13,070,780 shares of the company’s stock worth $2,136,288,000 after buying an additional 913,189 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after acquiring an additional 5,950,909 shares in the last quarter. Jennison Associates LLC purchased a new position in Reddit in the fourth quarter valued at about $494,861,000. Alliancebernstein L.P. boosted its holdings in Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after purchasing an additional 2,537,768 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its stake in Reddit by 12.8% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company’s stock valued at $304,325,000 after purchasing an additional 211,636 shares in the last quarter.

Analysts Set New Price Targets

RDDT has been the subject of several research analyst reports. Truist Financial began coverage on shares of Reddit in a research report on Monday, April 7th. They issued a “buy” rating and a $150.00 target price for the company. Piper Sandler restated an “overweight” rating and set a $150.00 price objective (up previously from $140.00) on shares of Reddit in a research note on Friday, May 2nd. Redburn Atlantic began coverage on Reddit in a report on Monday, March 17th. They issued a “sell” rating and a $75.00 price target for the company. Morgan Stanley reduced their price objective on Reddit from $210.00 to $140.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Reddit from $185.00 to $110.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $140.35.

Insider Buying and Selling at Reddit

In related news, CAO Michelle Marie Reynolds sold 11,965 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the completion of the sale, the chief accounting officer now directly owns 48,418 shares of the company’s stock, valued at approximately $7,621,477.38. This represents a 19.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares in the company, valued at $115,370,905.32. The trade was a 2.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 725,270 shares of company stock worth $95,789,365 over the last three months.

Reddit Stock Down 9.2%

Shares of Reddit stock opened at $113.73 on Friday. Reddit, Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The firm has a market capitalization of $20.57 billion, a PE ratio of -14.71, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90. The stock’s fifty day moving average is $109.59 and its 200-day moving average is $145.30.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.11. The company had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The business’s quarterly revenue was up 61.5% on a year-over-year basis. During the same period last year, the business earned ($8.19) EPS. Analysts expect that Reddit, Inc. will post 1.12 EPS 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.