Man Group plc Has $28.02 Million Holdings in Reddit, Inc. (NYSE:RDDT)

Man Group plc decreased its holdings in Reddit, Inc. (NYSE:RDDT - Free Report) by 60.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 171,460 shares of the company's stock after selling 261,455 shares during the quarter. Man Group plc owned about 0.10% of Reddit worth $28,023,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RDDT. Plato Investment Management Ltd purchased a new position in shares of Reddit during the 4th quarter valued at approximately $27,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit in the fourth quarter valued at approximately $28,000. Farmers & Merchants Investments Inc. acquired a new stake in Reddit during the fourth quarter worth about $33,000. Bogart Wealth LLC purchased a new position in Reddit in the fourth quarter worth approximately $33,000. Finally, Allworth Financial LP boosted its stake in Reddit by 970.0% during the fourth quarter. Allworth Financial LP now owns 214 shares of the company's stock worth $35,000 after buying an additional 194 shares during the period.

Analysts Set New Price Targets

A number of brokerages recently commented on RDDT. B. Riley restated a "buy" rating and set a $220.00 target price (down from $222.00) on shares of Reddit in a report on Friday, May 2nd. Loop Capital reaffirmed a "buy" rating and set a $210.00 price objective on shares of Reddit in a report on Tuesday, March 11th. Roth Mkm raised their price objective on shares of Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Morgan Stanley lowered their price objective on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Redburn Partners set a $75.00 price objective on Reddit in a report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $141.36.

Reddit Trading Down 4.6%

RDDT traded down $5.19 on Monday, hitting $108.04. 10,459,008 shares of the company's stock were exchanged, compared to its average volume of 5,955,537. The firm has a market cap of $19.94 billion, a PE ratio of -13.98, a P/E/G ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a twelve month low of $49.13 and a twelve month high of $230.41. The stock has a fifty day moving average of $109.40 and a two-hundred day moving average of $145.91.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data 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. 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 revenue was up 61.5% on a year-over-year basis. During the same period in the previous year, the business earned ($8.19) earnings per share. On average, analysts predict that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total value of $2,628,920.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares in the company, valued at $115,370,905.32. This represents a 2.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the sale, the insider now owns 115,001 shares of the company's stock, valued at approximately $18,095,407.35. The trade was a 44.52% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 725,270 shares of company stock valued at $95,789,365.

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.