Aigen Investment Management LP Sells 15,024 Shares of Reddit Inc. $RDDT

Key Points

• Aigen Investment Management LP significantly reduced its holdings in Reddit Inc. by 83.6%, selling 15,024 shares, leaving the fund with 2,944 shares valued at approximately $309,000.
• Reddit's latest quarterly earnings exceeded expectations with an EPS of $0.45 and a revenue of $499.63 million, marking a 77.9% increase year-over-year.
• Institutional activity varied, with firms like Signaturefd LLC and CWM LLC increasing their stakes in Reddit, while several analysts upgraded their ratings and target prices for the stock.

Aigen Investment Management LP lessened its holdings in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 83.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,944 shares of the company's stock after selling 15,024 shares during the quarter. Aigen Investment Management LP's holdings in Reddit were worth $309,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of RDDT. JPMorgan Chase & Co. increased its position in shares of Reddit by 98.2% during the first quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company's stock worth $200,096,000 after acquiring an additional 944,847 shares in the last quarter. Ogborne Capital Management LLC bought a new stake in Reddit during the 4th quarter worth approximately $11,539,000. Voloridge Investment Management LLC raised its stake in shares of Reddit by 46.3% in the fourth quarter. Voloridge Investment Management LLC now owns 963,516 shares of the company's stock worth $157,477,000 after purchasing an additional 304,773 shares during the last quarter. Renaissance Capital LLC lifted its holdings in shares of Reddit by 10.9% in the first quarter. Renaissance Capital LLC now owns 34,636 shares of the company's stock valued at $3,633,000 after purchasing an additional 3,400 shares in the last quarter. Finally, Laurion Capital Management LP purchased a new position in shares of Reddit during the fourth quarter valued at approximately $2,147,000.

Reddit Stock Performance

Reddit stock traded down $6.18 during midday trading on Monday, reaching $240.32. 4,961,861 shares of the stock were exchanged, compared to its average volume of 7,881,780. Reddit Inc. has a 52 week low of $52.39 and a 52 week high of $253.14. The firm has a market cap of $44.98 billion, a PE ratio of 218.48, a PEG ratio of 3.91 and a beta of 2.30. The company's fifty day moving average is $159.01 and its 200-day moving average is $140.62.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.20 by $0.25. The business had revenue of $499.63 million during the quarter, compared to analysts' expectations of $424.07 million. Reddit had a return on equity of 9.93% and a net margin of 12.97%. The firm's revenue was up 77.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.06) earnings per share. On average, sell-side analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RDDT has been the subject of several analyst reports. Argus began coverage on shares of Reddit in a report on Monday. They issued a "buy" rating and a $250.00 target price for the company. The Goldman Sachs Group reiterated a "neutral" rating and issued a $212.00 price objective on shares of Reddit in a research note on Friday, August 1st. Loop Capital dropped their target price on shares of Reddit from $210.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday, June 12th. Citigroup increased their price target on Reddit from $158.00 to $163.00 and gave the company a "buy" rating in a research report on Tuesday, June 24th. Finally, Seaport Res Ptn upgraded Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $171.83.

Insider Activity at Reddit

In other news, CFO Andrew Vollero sold 30,000 shares of the firm's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $117.64, for a total transaction of $3,529,200.00. Following the sale, the chief financial officer owned 333,806 shares in the company, valued at approximately $39,268,937.84. This trade represents a 8.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $142.06, for a total transaction of $4,735,428.04. Following the sale, the chief operating officer directly owned 1,428,007 shares of the company's stock, valued at $202,862,674.42. This represents a 2.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 352,568 shares of company stock valued at $45,798,117 in the last ninety days. 34.25% of the stock is currently owned by company insiders.

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.