Sora Investors LLC Has $5.13 Million Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Sora Investors LLC cut its stake in Reddit, Inc. (NYSE:RDDT) by 51.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,375 shares of the company’s stock after selling 33,625 shares during the quarter. Sora Investors LLC’s holdings in Reddit were worth $5,128,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of RDDT. Plato Investment Management Ltd acquired a new stake in shares of Reddit in the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC bought a new position in Reddit during the fourth quarter worth about $28,000. Farmers & Merchants Investments Inc. acquired a new stake in Reddit during the fourth quarter valued at approximately $33,000. Bogart Wealth LLC bought a new stake in shares of Reddit in the 4th quarter valued at approximately $33,000. Finally, Allworth Financial LP raised its holdings in shares of Reddit by 970.0% in the 4th quarter. Allworth Financial LP now owns 214 shares of the company’s stock worth $35,000 after buying an additional 194 shares in the last quarter.

Wall Street Analyst Weigh In

RDDT has been the subject of several research reports. Redburn Partners set a $75.00 price objective on shares of Reddit in a research report on Monday, March 17th. Robert W. Baird set a $140.00 price objective on Reddit in a report on Monday, May 5th. Sanford C. Bernstein upgraded Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 price objective on the stock in a research report on Friday, May 2nd. Citigroup lifted their target price on Reddit from $150.00 to $158.00 and gave the company a “buy” rating in a research note on Friday, May 2nd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $150.00 price target (up previously from $140.00) on shares of Reddit in a research note on Friday, May 2nd. 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 given a strong buy rating to the stock. According to data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and an average price target of $140.35.

Reddit Stock Performance

NYSE:RDDT opened at $113.73 on Friday. Reddit, Inc. has a 52-week low of $49.13 and a 52-week high of $230.41. The company has a market cap of $20.57 billion, a P/E ratio of -14.71, a P/E/G ratio of 4.72 and a beta of 2.90. The stock’s 50-day simple moving average is $109.59 and its 200 day simple moving average is $145.30.

Reddit (NYSE:RDDT) last announced 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. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The firm had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. During the same quarter in the previous year, the business earned ($8.19) earnings per share. The business’s revenue was up 61.5% compared to the same quarter last year. As a group, equities analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Activity

In other Reddit news, CFO Andrew Vollero sold 100,000 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the completion of the transaction, the chief financial officer now owns 499,295 shares of the company’s stock, valued at approximately $61,952,523.60. The trade was a 16.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $110.67, for a total transaction of $1,549,380.00. Following the completion of the transaction, the chief executive officer now owns 577,013 shares of the company’s stock, valued at approximately $63,858,028.71. This trade represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 725,270 shares of company stock worth $95,789,365.

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.