Reddit, Inc. (NYSE:RDDT) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP reduced its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 93.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,999 shares of the company's stock after selling 239,326 shares during the period. Wellington Management Group LLP's holdings in Reddit were worth $2,615,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Plato Investment Management Ltd purchased a new stake in Reddit during the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit during the 4th quarter valued at about $28,000. Farmers & Merchants Investments Inc. purchased a new stake in Reddit during the 4th quarter valued at about $33,000. Bogart Wealth LLC purchased a new stake in Reddit during the 4th quarter valued at about $33,000. Finally, Spire Wealth Management purchased a new stake in Reddit during the 4th quarter valued at about $35,000.

Reddit Price Performance

NYSE RDDT opened at $112.23 on Friday. 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 $20.71 billion, a PE ratio of -14.52, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90. The stock's 50 day simple moving average is $106.45 and its 200-day simple moving average is $143.81.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating 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 firm had revenue of $392.36 million during the quarter, compared to analysts' expectations of $370.55 million. During the same quarter last year, the firm earned ($8.19) earnings per share. The business's revenue for the quarter was up 61.5% on a year-over-year basis. On average, equities research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RDDT has been the topic of several research analyst reports. The Goldman Sachs Group boosted their price target on Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. B. Riley reiterated a "buy" rating and set a $220.00 price target (down previously from $222.00) on shares of Reddit in a research note on Friday, May 2nd. Loop Capital restated a "buy" rating and issued a $210.00 target price on shares of Reddit in a research note on Tuesday, March 11th. Sanford C. Bernstein raised Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 target price on the stock in a report on Friday, May 2nd. Finally, Oppenheimer started coverage on Reddit in a report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $139.78.

Insider Activity at Reddit

In other Reddit news, Director David C. Habiger bought 774 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was bought at an average price of $130.36 per share, with a total value of $100,898.64. Following the completion of the purchase, the director now directly owns 30,808 shares in the company, valued at $4,016,130.88. The trade was a 2.58% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Steve Ladd Huffman sold 124,408 shares of the firm's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $127.36, for a total value of $15,844,602.88. Following the sale, the chief executive officer now directly owns 583,515 shares of the company's stock, valued at approximately $74,316,470.40. This trade represents a 17.57% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 677,875 shares of company stock valued at $76,732,994.

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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