Reddit, Inc. (NYSE:RDDT) Shares Sold by Crestline Management LP

Crestline Management LP decreased its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 74.7% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor 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 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Jennison Associates LLC bought a new position in shares of Reddit during the 4th quarter valued at about $494,861,000. Renaissance Capital LLC increased its position in shares of Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock valued at $5,105,000 after purchasing an additional 3,892 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock valued at $105,003,000 after purchasing an additional 139,135 shares during the last quarter. Assetmark Inc. increased its position in shares of Reddit by 1,537,566.7% during the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company's stock valued at $7,539,000 after purchasing an additional 46,127 shares during the last quarter. Finally, Chung Wu Investment Group LLC bought a new position in shares of Reddit during the 4th quarter valued at about $327,000.

Reddit Price Performance

Shares of Reddit stock traded down $11.59 on Thursday, reaching $113.73. The company had a trading volume of 13,660,532 shares, compared to its average volume of 5,948,169. The firm has a market cap of $20.57 billion, a price-to-earnings ratio of -14.71, a P/E/G ratio of 4.72 and a beta of 2.90. The firm's 50-day moving average price is $109.44 and its two-hundred day moving average price is $145.07. Reddit, Inc. has a 1 year low of $49.13 and a 1 year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last issued 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. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The firm had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. During the same period last year, the company earned ($8.19) EPS. Reddit's quarterly revenue was up 61.5% compared to the same quarter last year. As a group, analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on RDDT shares. Wells Fargo & Company lifted 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. Raymond James cut their price objective on Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, March 12th. Roth Mkm lifted their price objective on Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Loop Capital reiterated a "buy" rating and issued a $210.00 price objective on shares of Reddit in a research report on Tuesday, March 11th. Finally, Guggenheim cut their price objective on Reddit from $170.00 to $165.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $140.35.

Insider Buying and Selling

In related news, CFO Andrew Vollero sold 48,122 shares of the company's stock in a transaction 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 sale, the chief financial officer now directly owns 599,295 shares in the company, valued at $97,565,226. This represents a 7.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total value 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. This trade represents a 2.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 725,270 shares of company stock valued at $95,789,365.

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.