MJP Associates Inc. ADV Trims Stake in Reddit, Inc. (NYSE:RDDT)

MJP Associates Inc. ADV lessened its position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 23.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,121 shares of the company's stock after selling 5,927 shares during the quarter. Reddit comprises 0.6% of MJP Associates Inc. ADV's holdings, making the stock its 29th biggest position. MJP Associates Inc. ADV's holdings in Reddit were worth $3,125,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in RDDT. Plato Investment Management Ltd acquired a new position in Reddit during the fourth quarter worth $27,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Reddit in the 4th quarter worth about $28,000. Farmers & Merchants Investments Inc. bought a new stake in Reddit in the fourth quarter worth about $33,000. Bogart Wealth LLC purchased a new stake in shares of Reddit in the fourth quarter valued at $33,000. Finally, Spire Wealth Management acquired a new position in shares of Reddit during the 4th quarter worth $35,000.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Sanford C. Bernstein raised Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price objective for the company in a report on Friday, May 2nd. Guggenheim decreased their target price on shares of Reddit from $170.00 to $165.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Roth Capital reaffirmed a "neutral" rating on shares of Reddit in a report on Friday, May 2nd. Redburn Atlantic initiated coverage on Reddit in a research report on Monday, March 17th. They issued a "sell" rating and a $75.00 price objective for the company. Finally, Redburn Partners set a $75.00 price target on Reddit in a research note on Monday, March 17th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $140.35.

Insider Buying and Selling

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

Reddit Stock Performance

Shares of RDDT stock opened at $108.35 on Monday. The stock has a market capitalization of $19.60 billion, a P/E ratio of -14.02, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The company has a 50 day moving average price of $111.54 and a 200 day moving average price of $145.23.

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

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.

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