Reddit, Inc. (NYSE:RDDT) Position Decreased by Woodson Capital Management LP

Woodson Capital Management LP lessened its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 26.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 210,000 shares of the company's stock after selling 74,980 shares during the quarter. Reddit makes up 5.6% of Woodson Capital Management LP's portfolio, making the stock its 4th largest holding. Woodson Capital Management LP owned 0.12% of Reddit worth $34,322,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Plato Investment Management Ltd purchased a new position in shares of Reddit during the 4th quarter worth $27,000. EverSource Wealth Advisors LLC bought a new stake in shares of Reddit during the 4th quarter valued at $28,000. Farmers & Merchants Investments Inc. bought a new stake in shares of Reddit during the 4th quarter valued at $33,000. Bogart Wealth LLC bought a new stake in shares of Reddit during the 4th quarter valued at $33,000. Finally, Allworth Financial LP raised its position in shares of Reddit by 970.0% during the 4th quarter. Allworth Financial LP now owns 214 shares of the company's stock valued at $35,000 after purchasing an additional 194 shares during the period.

Reddit Trading Down 4.6%

Shares of NYSE RDDT opened at $108.04 on Tuesday. The firm's 50-day moving average price is $108.94 and its 200-day moving average price is $145.87. The stock has a market capitalization of $19.94 billion, a price-to-earnings ratio of -13.98, a P/E/G ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a 12-month low of $49.13 and a 12-month high of $230.41.

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

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Oppenheimer assumed coverage on shares of Reddit in a research report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price objective on the stock. Needham & Company LLC raised their price objective on shares of Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Redburn Atlantic assumed coverage on shares of Reddit in a research report on Monday, March 17th. They set a "sell" rating and a $75.00 price objective on the stock. JMP Securities restated a "market outperform" rating and set a $180.00 price objective on shares of Reddit in a research report on Friday, May 2nd. Finally, The Goldman Sachs Group raised their price objective on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $141.36.

Insider Activity

In related news, CFO Andrew Vollero sold 48,122 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $162.80, for a total value of $7,834,261.60. Following the sale, the chief financial officer now directly owns 599,295 shares of the company's stock, valued at $97,565,226. This represents a 7.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mary Porter Gale sold 20,000 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $169.71, for a total transaction of $3,394,200.00. Following the completion of the sale, the director now directly owns 26,309 shares in the company, valued at $4,464,900.39. This trade represents a 43.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 802,345 shares of company stock worth $101,207,606.

About Reddit

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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