Think Investments LP Sells 280,400 Shares of Reddit, Inc. (NYSE:RDDT)

Think Investments LP decreased its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 53.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 243,000 shares of the company's stock after selling 280,400 shares during the quarter. Reddit makes up about 8.7% of Think Investments LP's investment portfolio, making the stock its 4th biggest holding. Think Investments LP owned 0.14% of Reddit worth $39,716,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Plato Investment Management Ltd acquired a new position in shares of Reddit during the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Reddit in the 4th quarter valued at approximately $28,000. Farmers & Merchants Investments Inc. bought a new position in shares of Reddit in the fourth quarter valued at $33,000. Bogart Wealth LLC acquired a new position in Reddit during the fourth quarter worth $33,000. Finally, Allworth Financial LP increased its holdings in Reddit by 970.0% during the fourth quarter. Allworth Financial LP now owns 214 shares of the company's stock worth $35,000 after buying an additional 194 shares during the last quarter.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $160.30, for a total transaction of $2,244,200.00. Following the sale, the chief executive officer now directly owns 597,515 shares of the company's stock, valued at approximately $95,781,654.50. This represents a 2.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Andrew Vollero sold 100,000 shares of the business's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $12,408,000.00. Following the completion of the transaction, the chief financial officer now directly owns 499,295 shares of the company's stock, valued at approximately $61,952,523.60. This trade represents a 16.69% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 851,261 shares of company stock worth $105,096,214.

Reddit Stock Up 3.6%

Shares of Reddit stock traded up $3.54 during trading on Friday, reaching $101.86. The company's stock had a trading volume of 3,630,272 shares, compared to its average volume of 6,031,482. The business's 50-day moving average price is $107.45 and its 200-day moving average price is $145.18. Reddit, Inc. has a 52 week low of $49.13 and a 52 week high of $230.41. The firm has a market cap of $18.80 billion, a PE ratio of -13.17, a P/E/G ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The firm had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. During the same quarter in the previous year, the firm posted ($8.19) EPS. The business's revenue for the quarter was up 61.5% compared to the same quarter last year. Equities analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Robert W. Baird decreased their price objective on shares of Reddit from $140.00 to $120.00 and set a "neutral" rating for the company in a research report on Wednesday. Truist Financial started coverage on shares of Reddit in a research note on Monday, April 7th. They issued a "buy" rating and a $150.00 target price for the company. Roth Capital reiterated a "neutral" rating on shares of Reddit in a report on Friday, May 2nd. Roth Mkm upped their price objective on Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Finally, Seaport Res Ptn raised Reddit from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 5th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Reddit currently has a consensus rating of "Moderate Buy" and a consensus target price of $140.45.

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.