Broad Bay Capital Management LP Reduces Holdings in Reddit, Inc. (NYSE:RDDT)

Broad Bay Capital Management LP decreased its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 32.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 328,860 shares of the company's stock after selling 158,840 shares during the period. Reddit accounts for 6.6% of Broad Bay Capital Management LP's portfolio, making the stock its 2nd largest position. Broad Bay Capital Management LP owned about 0.19% of Reddit worth $53,749,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the stock. Plato Investment Management Ltd acquired a new stake in Reddit during the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit during the fourth quarter worth approximately $28,000. Ridgewood Investments LLC increased its position in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after acquiring an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. purchased a new position in shares of Reddit in the 4th quarter valued at $33,000. Finally, Bogart Wealth LLC acquired a new position in shares of Reddit during the 4th quarter valued at $33,000.

Analyst Upgrades and Downgrades

Several research analysts have commented on RDDT shares. Seaport Res Ptn raised Reddit from a "hold" rating to a "strong-buy" rating in a research report on Monday. Loop Capital reissued a "buy" rating and set a $210.00 price target on shares of Reddit in a research report on Tuesday, March 11th. 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 target price on shares of Reddit in a research report on Monday. Finally, Raymond James decreased their target price on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research note on Wednesday, March 12th. One research 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 company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $140.35.

Reddit Stock Performance

Shares of Reddit stock traded up $0.52 during trading hours on Friday, reaching $108.35. The company's stock had a trading volume of 4,828,120 shares, compared to its average volume of 5,852,590. Reddit, Inc. has a one year low of $48.25 and a one year high of $230.41. The company's 50 day simple moving average is $112.57 and its 200 day simple moving average is $144.09. The stock has a market cap of $19.60 billion, a P/E ratio of -14.02, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Reddit's revenue was up 61.5% on a year-over-year basis. During the same quarter last year, the company posted ($8.19) earnings per share. On average, sell-side analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $110.67, for a total value of $1,549,380.00. Following the completion of the transaction, the chief executive officer now directly owns 577,013 shares of the company's stock, valued at $63,858,028.71. This represents a 2.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Benjamin Seong Lee sold 92,299 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the sale, the insider now owns 115,001 shares in the company, valued at approximately $18,095,407.35. This represents a 44.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 725,270 shares of company stock worth $95,789,365 in the last 90 days.

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.