Marshall Wace LLP Cuts Position in Reddit, Inc. (NYSE:RDDT)

Marshall Wace LLP lessened its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 26.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,145,861 shares of the company's stock after selling 407,645 shares during the period. Marshall Wace LLP owned about 0.65% of Reddit worth $187,280,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Jennison Associates LLC purchased a new stake in Reddit in the fourth quarter worth about $494,861,000. Renaissance Capital LLC grew its stake in Reddit by 14.2% in the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock worth $5,105,000 after purchasing an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. lifted its position in 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 period. Assetmark Inc. grew its position in shares of Reddit by 1,537,566.7% in the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company's stock worth $7,539,000 after buying an additional 46,127 shares during the period. Finally, Chung Wu Investment Group LLC bought a new position in shares of Reddit in the 4th quarter worth about $327,000.

Reddit Stock Down 4.7 %

Shares of RDDT stock traded down $4.51 on Monday, hitting $91.65. The stock had a trading volume of 1,157,158 shares, compared to its average volume of 5,515,770. Reddit, Inc. has a one year low of $40.51 and a one year high of $230.41. The business has a 50 day moving average price of $131.49 and a 200 day moving average price of $141.39. The company has a market cap of $16.58 billion and a PE ratio of -11.86.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Equities research analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $124,083,012.24. The trade was a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the business's stock in a transaction dated 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 sale, the chief accounting officer now owns 48,418 shares in the company, valued at approximately $7,621,477.38. The trade was a 19.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 714,202 shares of company stock valued at $96,326,958 in the last 90 days.

Analysts Set New Price Targets

RDDT has been the subject of several recent research reports. Guggenheim lowered their target price on shares of Reddit from $210.00 to $170.00 and set a "buy" rating for the company in a report on Thursday, March 20th. Wells Fargo & Company cut their price objective on shares of Reddit from $215.00 to $158.00 and set an "overweight" rating on the stock in a research report on Monday, March 31st. Piper Sandler reduced their target price on Reddit from $220.00 to $140.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Robert W. Baird raised their target price on shares of Reddit from $160.00 to $185.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. Finally, Needham & Company LLC reissued a "buy" rating and set a $220.00 price target on shares of Reddit in a report on Friday, March 21st. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Reddit has a consensus rating of "Moderate Buy" and a consensus target price of $142.22.

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.