Woodline Partners LP Cuts Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Woodline Partners LP cut its position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 96.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,048 shares of the company's stock after selling 680,932 shares during the period. Woodline Partners LP's holdings in Reddit were worth $3,767,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in RDDT. FMR LLC raised its holdings in shares of Reddit by 7.5% in the fourth quarter. FMR LLC now owns 13,070,780 shares of the company's stock worth $2,136,288,000 after buying an additional 913,189 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares during the last quarter. Jennison Associates LLC purchased a new position in shares of Reddit during the fourth quarter worth $494,861,000. Alliancebernstein L.P. raised its holdings in shares of Reddit by 1,011.1% during the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after purchasing an additional 2,537,768 shares during the last quarter. Finally, Lord Abbett & CO. LLC raised its holdings in shares of Reddit by 12.8% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock worth $304,325,000 after purchasing an additional 211,636 shares during the last quarter.

Reddit Price Performance

Shares of Reddit stock traded up $0.17 during trading hours on Friday, hitting $109.20. The company had a trading volume of 2,442,729 shares, compared to its average volume of 6,104,675. The company has a market cap of $20.15 billion, a P/E ratio of -14.18, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90. The company's 50-day moving average is $106.50 and its two-hundred day moving average is $144.36. Reddit, Inc. has a twelve month low of $49.13 and a twelve month high of $230.41.

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. JMP Securities reissued a "market outperform" rating and set a $180.00 target price on shares of Reddit in a report on Friday, May 2nd. Redburn Atlantic initiated coverage on shares of Reddit in a research report on Monday, March 17th. They issued a "sell" rating and a $75.00 target price on the stock. Piper Sandler reissued an "overweight" rating and issued a $150.00 price target (up from $140.00) on shares of Reddit in a research note on Friday, May 2nd. Robert W. Baird reduced their target price on shares of Reddit from $140.00 to $120.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 21st. Finally, Truist Financial assumed coverage on shares of Reddit in a research note on Monday, April 7th. They issued a "buy" rating and a $150.00 price target on the stock. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $140.45.

Insider Transactions at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 11,965 shares of Reddit stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the completion of the sale, the chief accounting officer now directly owns 48,418 shares of the company's stock, valued at approximately $7,621,477.38. The trade was a 19.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 owns 583,515 shares in the company, 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 a total of 768,139 shares of company stock valued at $91,598,952 in the last ninety days.

Reddit Company 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.