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% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,999 shares of the company's stock after selling 239,326 shares during the quarter. 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.

Other hedge funds have also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC raised its holdings in shares of Reddit by 2.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after acquiring an additional 120 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after acquiring an additional 147 shares during the last quarter. Plato Investment Management Ltd purchased a new stake in Reddit during the 4th quarter worth about $27,000. Kingsview Wealth Management LLC increased its position in Reddit by 4.5% during the 4th quarter. Kingsview Wealth Management LLC now owns 3,986 shares of the company's stock worth $651,000 after purchasing an additional 171 shares in the last quarter. Finally, EverSource Wealth Advisors LLC acquired a new position in Reddit in the 4th quarter valued at about $28,000.

Analysts Set New Price Targets

Several equities research analysts have issued reports on RDDT shares. The Goldman Sachs Group raised their price target on shares of Reddit from $124.00 to $140.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. Redburn Atlantic started coverage on shares of Reddit in a research report on Monday, March 17th. They set a "sell" rating and a $75.00 target price on the stock. Roth Mkm boosted their price target on Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Truist Financial initiated coverage on Reddit in a research note on Monday, April 7th. They set a "buy" rating and a $150.00 price target on the stock. Finally, Sanford C. Bernstein raised Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price objective for the company in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, ten 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.com, the company currently has an average rating of "Moderate Buy" and an average price target of $139.78.

Reddit Stock Performance

Shares of NYSE:RDDT traded down $3.64 during trading on Monday, reaching $117.65. 5,592,634 shares of the stock were exchanged, compared to its average volume of 6,228,109. The firm's 50-day moving average price is $106.67 and its 200 day moving average price is $143.66. The firm has a market cap of $21.71 billion, a price-to-earnings ratio of -15.22, a price-to-earnings-growth ratio of 4.72 and a beta of 1.99. 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 quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share 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 for the quarter, compared to analysts' expectations of $370.55 million. During the same period in the previous year, the company posted ($8.19) earnings per share. Reddit's revenue was up 61.5% compared to the same quarter last year. As a group, equities research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Activity

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $110.05, for a total transaction of $1,540,700.00. Following the transaction, the chief executive officer now owns 560,133 shares in the company, valued at $61,642,636.65. The trade was a 2.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the company's stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total value of $3,133,062.66. Following the completion of the sale, the chief operating officer now directly owns 1,466,119 shares of the company's stock, valued at $137,800,524.81. The trade was a 2.22% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 677,875 shares of company stock valued at $76,732,994. Company insiders own 34.25% of the company's stock.

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.