Vivaldi Capital Management LP Decreases Position in Reddit, Inc. (NYSE:RDDT)

Vivaldi Capital Management LP cut its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 80.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,095 shares of the company's stock after selling 12,570 shares during the period. Vivaldi Capital Management LP's holdings in Reddit were worth $560,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RDDT. Jennison Associates LLC bought a new position in shares of Reddit during the fourth quarter valued at approximately $494,861,000. Renaissance Capital LLC grew its stake in shares of Reddit by 14.2% during the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock valued at $5,105,000 after buying an additional 3,892 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Reddit by 27.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock valued at $105,003,000 after buying an additional 139,135 shares during the last quarter. Assetmark Inc. grew its stake in shares of Reddit by 1,537,566.7% during the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company's stock valued at $7,539,000 after buying an additional 46,127 shares during the last quarter. Finally, Chung Wu Investment Group LLC bought a new position in shares of Reddit during the fourth quarter valued at approximately $327,000.

Analyst Ratings Changes

A number of research analysts have recently commented on RDDT shares. The Goldman Sachs Group upped their target price on Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Redburn Atlantic started coverage on Reddit in a research note on Monday, March 17th. They set a "sell" rating and a $75.00 target price on the stock. Roth Mkm upped their target price on Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. JMP Securities reissued a "market outperform" rating and issued a $180.00 price objective on shares of Reddit in a research note on Friday, May 2nd. Finally, Raymond James dropped their price objective on Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, March 12th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $141.36.

Reddit Trading Down 4.6%

Shares of NYSE RDDT opened at $108.04 on Tuesday. Reddit, Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The stock's fifty day simple moving average is $108.94 and its two-hundred day simple moving average is $145.87. The stock has a market capitalization of $19.94 billion, a PE ratio of -13.98, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90.

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

Insider Transactions at Reddit

In related news, CFO Andrew Vollero sold 100,000 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $124.08, for a total value of $12,408,000.00. Following the completion of the transaction, the chief financial officer now owns 499,295 shares in the company, valued at $61,952,523.60. This trade represents a 16.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, 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 completion of the transaction, the chief executive officer now owns 583,515 shares of the company's stock, valued at $74,316,470.40. This trade represents a 17.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold 802,345 shares of company stock valued at $101,207,606 in the last quarter.

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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