Reddit, Inc. (NYSE:RDDT) is JAT Capital Mgmt LP's 10th Largest Position

JAT Capital Mgmt LP decreased its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 79.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 108,759 shares of the company's stock after selling 408,476 shares during the quarter. Reddit comprises about 2.8% of JAT Capital Mgmt LP's investment portfolio, making the stock its 10th biggest holding. JAT Capital Mgmt LP owned about 0.06% of Reddit worth $17,776,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the stock. FMR LLC raised its holdings in Reddit by 7.5% in the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock worth $2,136,288,000 after acquiring an additional 913,189 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Reddit by 184.2% in 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 bought a new position in shares of Reddit during the fourth quarter valued at $494,861,000. Alliancebernstein L.P. boosted its position 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 valued at $455,795,000 after buying an additional 2,537,768 shares during the last quarter. Finally, Lord Abbett & CO. LLC increased its holdings in Reddit by 12.8% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock worth $304,325,000 after buying an additional 211,636 shares in the last quarter.

Reddit Stock Down 4.9 %

RDDT stock traded down $5.78 during trading on Friday, reaching $113.01. The company's stock had a trading volume of 29,544,738 shares, compared to its average volume of 5,807,053. The company's fifty day moving average is $116.82 and its 200-day moving average is $143.22. The company has a market capitalization of $20.44 billion, a P/E ratio of -14.62, a price-to-earnings-growth ratio of 4.72 and a beta of 2.89. Reddit, Inc. has a 1 year low of $46.24 and a 1 year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping 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 business posted ($8.19) earnings per share. The firm's revenue was up 61.5% on a year-over-year basis. Analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Transactions at Reddit

In related news, COO Jennifer L. Wong sold 33,333 shares of the firm's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $187.72, for a total value of $6,257,270.76. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares of the company's stock, valued at approximately $282,386,632.84. This trade represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction on 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 sale, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $115,370,905.32. The trade was a 2.23 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 711,270 shares of company stock valued at $94,239,985.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on RDDT shares. Piper Sandler restated an "overweight" rating and set a $150.00 target price (up previously from $140.00) on shares of Reddit in a research note on Friday. Seaport Res Ptn upgraded shares of Reddit to a "hold" rating in a research report on Thursday, February 6th. Needham & Company LLC raised their target price on shares of Reddit from $135.00 to $145.00 and gave the stock a "buy" rating in a report on Friday. Oppenheimer started coverage on shares of Reddit in a research note on Wednesday, April 16th. They set an "outperform" rating and a $125.00 target price for the company. Finally, JPMorgan Chase & Co. dropped their price target on Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Reddit has a consensus rating of "Moderate Buy" and a consensus price target of $142.30.

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.