Price T Rowe Associates Inc. MD Trims Position in Reddit, Inc. (NYSE:RDDT)

Price T Rowe Associates Inc. MD lowered its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 47.3% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 242,336 shares of the company's stock after selling 217,815 shares during the period. Price T Rowe Associates Inc. MD owned about 0.14% of Reddit worth $39,608,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Plato Investment Management Ltd bought a new position in Reddit during the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Reddit during the fourth quarter worth $28,000. Ridgewood Investments LLC raised its stake in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after buying an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. acquired a new position in Reddit in the fourth quarter valued at $33,000. Finally, Bogart Wealth LLC acquired a new position in Reddit in the fourth quarter valued at $33,000.

Insider Transactions at Reddit

In other news, insider Benjamin Seong Lee sold 92,299 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the sale, the insider now owns 115,001 shares of the company's stock, valued at $18,095,407.35. The trade was a 44.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Andrew Vollero sold 48,122 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the transaction, the chief financial officer now directly owns 599,295 shares of the company's stock, valued at approximately $97,565,226. This trade represents a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 711,270 shares of company stock worth $94,239,985 in the last quarter.

Reddit Stock Down 4.9 %

RDDT stock traded down $5.78 during midday trading on Friday, hitting $113.01. The company's stock had a trading volume of 29,544,738 shares, compared to its average volume of 5,807,051. The stock has a market cap of $20.44 billion, a price-to-earnings ratio of -14.62, a PEG ratio of 4.72 and a beta of 2.89. The stock's 50-day moving average price is $116.82 and its 200 day moving average price is $143.22. Reddit, Inc. has a 1 year low of $46.24 and a 1 year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.11. The company had revenue of $392.36 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up 61.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($8.19) earnings per share. As a group, equities analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on RDDT. Raymond James lowered their price objective on Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research report on Wednesday, March 12th. Morgan Stanley lowered their target price on Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Piper Sandler restated an "overweight" rating and set a $150.00 price target (up from $140.00) on shares of Reddit in a report on Friday. Oppenheimer assumed coverage on shares of Reddit in a research report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price objective for the company. Finally, JPMorgan Chase & Co. dropped their target price on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $142.30.

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.