Occudo Quantitative Strategies LP Decreases Stake in Reddit, Inc. (NYSE:RDDT)

Occudo Quantitative Strategies LP trimmed its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 78.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,000 shares of the company's stock after selling 54,579 shares during the period. Occudo Quantitative Strategies LP's holdings in Reddit were worth $2,452,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Plato Investment Management Ltd purchased a new position in Reddit during the fourth quarter valued at $27,000. EverSource Wealth Advisors LLC purchased a new position in Reddit during the fourth quarter valued at $28,000. Farmers & Merchants Investments Inc. purchased a new position in shares of Reddit in the fourth quarter worth about $33,000. Bogart Wealth LLC purchased a new position in shares of Reddit in the fourth quarter worth about $33,000. Finally, Allworth Financial LP boosted its position 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 acquiring an additional 194 shares during the last quarter.

Reddit Stock Down 0.2%

Shares of RDDT traded down $0.24 during trading on Friday, reaching $113.35. 8,328,996 shares of the company traded hands, compared to its average volume of 5,937,313. The stock has a 50-day simple moving average of $109.40 and a 200-day simple moving average of $145.72. The stock has a market cap of $20.92 billion, a PE ratio of -14.66, a price-to-earnings-growth 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.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. The firm had revenue of $392.36 million during 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 firm's quarterly revenue was up 61.5% on a year-over-year basis. During the same quarter last year, the company posted ($8.19) EPS. On average, equities research analysts predict that Reddit, Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on RDDT. Bank of America cut their price objective on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a report on Wednesday, April 9th. Oppenheimer began coverage on Reddit in a research report on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 price target for the company. Redburn Atlantic assumed coverage on Reddit in a research report on Monday, March 17th. They set a "sell" rating and a $75.00 price objective on the stock. Morgan Stanley lowered their price objective on Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Finally, JMP Securities restated a "market outperform" rating and issued a $180.00 target price on shares of Reddit in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $143.77.

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 5,068 shares of Reddit stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $111.28, for a total value of $563,967.04. Following the completion of the transaction, the chief technology officer now owns 20,184 shares in the company, valued at approximately $2,246,075.52. This trade represents a 20.07% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $110.67, for a total value of $1,549,380.00. Following the completion of the transaction, the chief executive officer now owns 577,013 shares of the company's stock, valued at $63,858,028.71. The trade was a 2.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 725,270 shares of company stock worth $95,789,365 in the last ninety days.

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.