Reddit, Inc. (NYSE:RDDT) Position Cut by Interval Partners LP

Interval Partners LP trimmed its stake in Reddit, Inc. (NYSE:RDDT - Free Report) by 89.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,473 shares of the company's stock after selling 261,219 shares during the quarter. Interval Partners LP's holdings in Reddit were worth $5,144,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Westmount Partners LLC acquired a new position in Reddit in the fourth quarter valued at $391,000. Sivia Capital Partners LLC lifted its holdings in shares of Reddit by 277.6% during the 4th quarter. Sivia Capital Partners LLC now owns 184,577 shares of the company's stock worth $30,167,000 after acquiring an additional 135,700 shares during the period. AdvisorNet Financial Inc boosted its position in shares of Reddit by 41.9% in the fourth quarter. AdvisorNet Financial Inc now owns 681 shares of the company's stock worth $111,000 after acquiring an additional 201 shares during the last quarter. SeaCrest Wealth Management LLC acquired a new position in Reddit during the fourth quarter worth approximately $347,000. Finally, Floyd Financial Group LLC purchased a new position in Reddit during the fourth quarter worth approximately $2,676,000.

Analysts Set New Price Targets

A number of analysts have recently commented on RDDT shares. Truist Financial assumed coverage on Reddit in a report on Monday, April 7th. They set a "buy" rating and a $150.00 price objective for the company. Roth Capital reaffirmed a "neutral" rating on shares of Reddit in a research note on Friday, May 2nd. Robert W. Baird set a $140.00 target price on shares of Reddit in a research report on Monday, May 5th. Sanford C. Bernstein upgraded shares of Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price objective for the company in a research note on Friday, May 2nd. Finally, Wells Fargo & Company increased their price objective on shares of Reddit from $158.00 to $168.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $140.35.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares of the company's stock, valued at $115,370,905.32. This represents a 2.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the firm's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $187.72, for a total transaction of $6,257,270.76. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares in the company, valued at $282,386,632.84. This represents a 2.17% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 725,270 shares of company stock valued at $95,789,365 in the last quarter.

Reddit Trading Down 9.2%

NYSE RDDT traded down $11.59 during trading hours on Thursday, reaching $113.73. 13,660,532 shares of the company traded hands, compared to its average volume of 5,948,210. The stock has a market capitalization of $20.57 billion, a PE ratio of -14.71, a PEG ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a 12 month low of $49.13 and a 12 month high of $230.41. The company has a 50 day moving average of $109.44 and a two-hundred day moving average of $145.07.

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