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

Greycroft LP lowered its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 54.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,500 shares of the company's stock after selling 6,500 shares during the period. Reddit comprises 0.8% of Greycroft LP's portfolio, making the stock its 3rd largest holding. Greycroft LP's holdings in Reddit were worth $899,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. FMR LLC lifted its position in shares of Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock worth $2,136,288,000 after buying an additional 913,189 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after acquiring an additional 5,950,909 shares during the period. Jennison Associates LLC acquired a new stake in shares of Reddit in the 4th quarter valued at $494,861,000. Alliancebernstein L.P. grew its holdings in shares of Reddit by 1,011.1% in the 4th 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 during the last quarter. Finally, Lord Abbett & CO. LLC increased its position in shares of Reddit by 12.8% during the 4th 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.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Morgan Stanley decreased their price objective on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a research note 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 research report on Friday, May 2nd. Guggenheim cut their price objective on Reddit from $170.00 to $165.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Citigroup increased their target price on Reddit from $150.00 to $158.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Finally, Bank of America cut their price target on Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a report on Wednesday, April 9th. 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. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $140.35.

Reddit Trading Up 0.5 %

Reddit stock opened at $108.35 on Friday. The firm has a market capitalization of $19.60 billion, a P/E ratio of -14.02, a PEG ratio of 4.72 and a beta of 2.90. The business has a 50-day moving average of $111.54 and a 200-day moving average of $144.30. 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 data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating 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 business's revenue for the quarter was up 61.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($8.19) earnings per share. Research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 124,408 shares of the firm's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the sale, the chief executive officer now directly owns 583,515 shares in the company, valued at $74,316,470.40. This trade represents a 17.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Christopher Brian Slowe sold 11,000 shares of the business's stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $99.75, for a total value of $1,097,250.00. Following the completion of the sale, the chief technology officer now owns 281,213 shares in the company, valued at approximately $28,050,996.75. This trade represents a 3.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 725,270 shares of company stock worth $95,789,365 in the last quarter.

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.

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