Crestline Management LP Decreases Stake in Reddit, Inc. (NYSE:RDDT)

Crestline Management LP cut its position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 74.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,800 shares of the company's stock after selling 5,305 shares during the period. Crestline Management LP's holdings in Reddit were worth $294,000 at the end of the most recent quarter.

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

Reddit Trading Down 0.2%

RDDT traded down $0.24 during midday trading on Friday, hitting $113.35. 8,328,996 shares of the company traded hands, compared to its average volume of 5,937,313. The company has a market capitalization of $20.92 billion, a price-to-earnings ratio of -14.66, a PEG ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a 52-week low of $49.13 and a 52-week high of $230.41. The business has a 50 day simple moving average of $109.40 and a two-hundred day simple moving average of $145.72.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. The business 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 company's quarterly revenue was up 61.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($8.19) earnings per share. Equities research analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Activity

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $110.67, for a total transaction 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. This trade represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $187.72, for a total transaction of $6,257,270.76. Following the transaction, the chief operating officer now directly owns 1,504,297 shares of the company's stock, valued at approximately $282,386,632.84. This trade represents a 2.17% decrease in their position. The disclosure for this sale can be found here. Insiders sold 725,270 shares of company stock worth $95,789,365 over the last three months.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Needham & Company LLC boosted their price target on shares of Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Redburn Atlantic assumed coverage on shares of Reddit in a report on Monday, March 17th. They issued a "sell" rating and a $75.00 price target for the company. The Goldman Sachs Group boosted their price target on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Oppenheimer assumed coverage on shares of Reddit in a report on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 price target for the company. Finally, Seaport Res Ptn upgraded shares of Reddit from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Reddit presently has a consensus rating of "Moderate Buy" and a consensus 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.