Reddit, Inc. (NYSE:RDDT) Shares Sold by MJP Associates Inc. ADV

MJP Associates Inc. ADV trimmed its holdings in Reddit, Inc. (NYSE:RDDT - Free Report) by 23.7% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 19,121 shares of the company's stock after selling 5,927 shares during the period. Reddit makes up about 0.6% of MJP Associates Inc. ADV's holdings, making the stock its 29th largest holding. MJP Associates Inc. ADV's holdings in Reddit were worth $3,125,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. FMR LLC grew its position in Reddit by 7.5% in the fourth 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 period. Vanguard Group Inc. lifted its stake in Reddit by 184.2% during 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 in the last quarter. Jennison Associates LLC acquired a new position in Reddit during the fourth quarter worth $494,861,000. Alliancebernstein L.P. lifted its stake in Reddit by 1,011.1% during the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after purchasing an additional 2,537,768 shares in the last quarter. Finally, Lord Abbett & CO. LLC lifted its stake in Reddit by 12.8% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock worth $304,325,000 after purchasing an additional 211,636 shares in the last quarter.

Insider Activity at Reddit

In other news, Director David C. Habiger acquired 774 shares of Reddit stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average price of $130.36 per share, for a total transaction of $100,898.64. Following the completion of the transaction, the director now directly owns 30,808 shares in the company, valued at approximately $4,016,130.88. This trade represents a 2.58% increase in their ownership of the stock. The purchase was disclosed in a filing 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 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 approximately $115,370,905.32. The trade was a 2.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 725,270 shares of company stock worth $95,789,365 over the last 90 days.

Reddit Trading Down 0.2%

Shares of NYSE RDDT traded down $0.24 during midday trading on Friday, reaching $113.35. 8,328,996 shares of the company were exchanged, compared to its average volume of 5,974,089. Reddit, Inc. has a 1 year low of $49.13 and a 1 year high of $230.41. The stock has a fifty day simple moving average of $109.40 and a 200 day simple moving average of $145.52. The stock has a market cap of $20.92 billion, a P/E ratio of -14.66, a PEG ratio of 4.72 and a beta of 2.90.

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on RDDT shares. Guggenheim decreased their price target on Reddit from $170.00 to $165.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Morgan Stanley decreased their price target on Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Redburn Atlantic started coverage on Reddit in a research note on Monday, March 17th. They set a "sell" rating and a $75.00 price target on the stock. Wells Fargo & Company upped their price target on Reddit from $158.00 to $168.00 and gave the stock an "overweight" rating in a research note on Friday, May 2nd. Finally, Citigroup increased their price objective on Reddit from $150.00 to $158.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $140.35.

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.