Peregrine Investment Management Inc. Sells 28,000 Shares of Reddit Inc. (NYSE:RDDT)

Peregrine Investment Management Inc. lessened its stake in Reddit Inc. (NYSE:RDDT - Free Report) by 48.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,000 shares of the company's stock after selling 28,000 shares during the quarter. Reddit comprises approximately 2.3% of Peregrine Investment Management Inc.'s investment portfolio, making the stock its 21st biggest holding. Peregrine Investment Management Inc.'s holdings in Reddit were worth $3,147,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RDDT. Vanguard Group Inc. grew its position in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after buying an additional 5,950,909 shares during the period. Alliancebernstein L.P. grew its position in Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock valued at $455,795,000 after purchasing an additional 2,537,768 shares in the last quarter. Brooklyn FI LLC bought a new position in Reddit in the fourth quarter valued at $303,082,000. GQG Partners LLC acquired a new position in Reddit during the fourth quarter worth $271,539,000. Finally, Whale Rock Capital Management LLC bought a new stake in Reddit during the fourth quarter worth $204,054,000.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on RDDT shares. Redburn Atlantic started coverage on shares of Reddit in a research report on Monday, March 17th. They issued a "sell" rating and a $75.00 price objective on the stock. Roth Mkm increased their price objective on shares of Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. Royal Bank Of Canada set a $125.00 price target on shares of Reddit and gave the company a "sector perform" rating in a research note on Wednesday, June 25th. Bank of America decreased their target price on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 9th. Finally, Oppenheimer started coverage on shares of Reddit in a research report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $141.04.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 16,000 shares of Reddit stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $136.47, for a total transaction of $2,183,520.00. Following the transaction, the chief technology officer directly owned 246,373 shares of the company's stock, valued at approximately $33,622,523.31. This trade represents a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $124.45, for a total transaction of $4,148,291.85. Following the transaction, the chief operating officer directly owned 1,428,007 shares in the company, valued at $177,715,471.15. This trade represents a 2.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 617,285 shares of company stock valued at $69,599,110 over the last three months. Corporate insiders own 34.25% of the company's stock.

Reddit Trading Up 2.7%

Shares of Reddit stock traded up $3.93 on Monday, reaching $149.52. The stock had a trading volume of 1,874,367 shares, compared to its average volume of 6,693,840. Reddit Inc. has a 1 year low of $49.13 and a 1 year high of $230.41. The company has a market cap of $27.59 billion, a P/E ratio of 253.37, a price-to-earnings-growth ratio of 3.74 and a beta of 2.33. The business's 50 day moving average is $124.42 and its two-hundred day moving average is $140.22.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The company's revenue for the quarter was up 61.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($8.19) earnings per share. On average, equities analysts anticipate that Reddit Inc. will post 1.12 EPS for the current fiscal year.

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.