OMERS ADMINISTRATION Corp Reduces Stake in Reddit, Inc. (NYSE:RDDT)

OMERS ADMINISTRATION Corp decreased its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 72.5% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,200 shares of the company's stock after selling 5,800 shares during the period. OMERS ADMINISTRATION Corp's holdings in Reddit were worth $360,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Plato Investment Management Ltd purchased a new stake in Reddit during the 4th quarter worth about $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit during the 4th quarter worth about $28,000. Farmers & Merchants Investments Inc. purchased a new stake in Reddit during the 4th quarter worth about $33,000. Bogart Wealth LLC purchased a new stake in shares of Reddit in the 4th quarter valued at about $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 valued at $35,000 after acquiring an additional 194 shares in the last quarter.

Insider Buying and Selling

In other Reddit news, Director Mary Porter Gale sold 20,000 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $169.71, for a total value of $3,394,200.00. Following the completion of the sale, the director now owns 26,309 shares in the company, valued at approximately $4,464,900.39. This trade represents a 43.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 124,408 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $114.98, for a total value of $14,304,431.84. Following the completion of the sale, the chief executive officer now owns 577,013 shares of the company's stock, valued at approximately $66,344,954.74. This trade represents a 17.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 802,345 shares of company stock worth $101,207,606 in the last ninety days.

Reddit Price Performance

RDDT opened at $108.04 on Tuesday. The stock's 50 day simple moving average is $108.94 and its 200 day simple moving average is $145.87. Reddit, Inc. has a 1 year low of $49.13 and a 1 year high of $230.41. The firm has a market cap of $19.94 billion, a price-to-earnings ratio of -13.98, a PEG ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same period last year, the company earned ($8.19) EPS. Reddit's revenue for the quarter was up 61.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on RDDT. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $115.00 price target (down previously from $168.00) on shares of Reddit in a report on Monday. Roth Mkm raised their price target on Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Truist Financial began coverage on Reddit in a report on Monday, April 7th. They issued a "buy" rating and a $150.00 price target on the stock. B. Riley reaffirmed a "buy" rating and issued a $220.00 price target (down previously from $222.00) on shares of Reddit in a report on Friday, May 2nd. Finally, Robert W. Baird set a $140.00 price target on Reddit in a report on Monday, May 5th. One analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $141.36.

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.

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