Reddit, Inc. (NYSE:RDDT) Stock Position Reduced by Diker Management LLC

Diker Management LLC lessened its position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 83.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,000 shares of the company's stock after selling 50,000 shares during the quarter. Reddit makes up about 1.4% of Diker Management LLC's holdings, making the stock its 17th largest position. Diker Management LLC's holdings in Reddit were worth $1,634,000 at the end of the most recent quarter.

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

Reddit Stock Performance

Shares of NYSE:RDDT traded up $0.52 during midday trading on Friday, hitting $108.35. 4,828,120 shares of the company's stock traded hands, compared to its average volume of 5,866,048. The firm's fifty day moving average price is $111.54 and its two-hundred day moving average price is $144.77. Reddit, Inc. has a twelve month low of $49.13 and a twelve month high of $230.41. The company has a market cap of $19.60 billion, a PE ratio of -14.02, a P/E/G 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 for the quarter, topping the consensus estimate 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 company's revenue was up 61.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($8.19) earnings per share. As a group, equities research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RDDT has been the topic of several recent research reports. B. Riley restated a "buy" rating and issued a $220.00 price objective (down from $222.00) on shares of Reddit in a research report on Friday, May 2nd. Citigroup upped their target price on shares of Reddit from $150.00 to $158.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Sanford C. Bernstein raised shares of Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price objective for the company in a research report on Friday, May 2nd. Truist Financial began coverage on shares of Reddit in a research report on Monday, April 7th. They set a "buy" rating and a $150.00 target price on the stock. Finally, Bank of America cut their price target on Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a report on Wednesday, April 9th. 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $140.35.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares in the company, valued at $115,370,905.32. This trade represents a 2.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David C. Habiger bought 774 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was acquired at an average cost of $130.36 per share, for a total transaction of $100,898.64. Following the completion of the transaction, the director now owns 30,808 shares in the company, valued at $4,016,130.88. This represents a 2.58 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 725,270 shares of company stock valued at $95,789,365 over 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.