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

Think Investments LP lessened its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 53.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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 portfolio, making the stock its 4th biggest position. Think Investments LP owned approximately 0.14% of Reddit worth $39,716,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. FMR LLC boosted its position in Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after acquiring an additional 913,189 shares in the last quarter. Vanguard Group Inc. boosted its position in Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after acquiring an additional 5,950,909 shares in the last quarter. Jennison Associates LLC bought a new stake in Reddit during the 4th quarter valued at $494,861,000. Alliancebernstein L.P. boosted its position 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 acquiring an additional 2,537,768 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its position in Reddit by 12.8% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock valued at $304,325,000 after acquiring an additional 211,636 shares in the last quarter.

Reddit Trading Down 9.4%

RDDT traded down $9.93 during midday trading on Wednesday, hitting $95.71. 17,381,798 shares of the company were exchanged, compared to its average volume of 6,019,362. The company's 50 day simple moving average is $108.63 and its 200 day simple moving average is $145.59. The firm has a market capitalization of $17.66 billion, a price-to-earnings ratio of -12.38, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a 1-year low of $49.13 and a 1-year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly 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 for 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 firm's revenue for the quarter was up 61.5% compared to the same quarter last year. During the same period last year, the firm earned ($8.19) EPS. On average, equities analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Michelle Marie Reynolds sold 11,965 shares of the company's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total value of $1,883,410.65. Following the completion of the transaction, the chief accounting officer now owns 48,418 shares of the company's stock, valued at approximately $7,621,477.38. This represents a 19.82% 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 48,122 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the transaction, the chief financial officer now owns 599,295 shares in the company, valued at $97,565,226. This represents a 7.43% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 835,678 shares of company stock valued at $104,986,901.

Wall Street Analyst Weigh In

Several analysts have issued reports on RDDT shares. Truist Financial started coverage on Reddit in a research report on Monday, April 7th. They set a "buy" rating and a $150.00 target price on the stock. JMP Securities reiterated a "market outperform" rating and set a $180.00 price objective on shares of Reddit in a report on Friday, May 2nd. Wells Fargo & Company reiterated an "equal weight" rating and set a $115.00 price objective (down previously from $168.00) on shares of Reddit in a report on Monday. Seaport Res Ptn upgraded Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. Finally, Morgan Stanley decreased their price objective on Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target 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.