PDT Partners LLC Has $3.78 Million Stock Holdings in Reddit, Inc. (NYSE:RDDT)

PDT Partners LLC cut its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 53.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 23,100 shares of the company's stock after selling 26,800 shares during the period. PDT Partners LLC's holdings in Reddit were worth $3,775,000 as of its most recent SEC filing.

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

Insider Activity at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 11,965 shares of the business's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total value of $1,883,410.65. Following the transaction, the chief accounting officer now owns 48,418 shares in the company, valued at $7,621,477.38. The trade was a 19.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total value of $3,133,062.66. Following the completion of the transaction, the chief operating officer now owns 1,466,119 shares in the company, valued at $137,800,524.81. This represents a 2.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 711,270 shares of company stock valued at $94,239,985 over the last 90 days.

Reddit Stock Performance

Shares of Reddit stock traded down $5.78 during trading on Friday, hitting $113.01. 29,544,738 shares of the stock were exchanged, compared to its average volume of 5,807,051. Reddit, Inc. has a 12 month low of $46.24 and a 12 month high of $230.41. The stock's fifty day moving average is $117.75 and its 200 day moving average is $142.96. The stock has a market cap of $20.44 billion, a PE ratio of -14.62, a P/E/G ratio of 4.72 and a beta of 2.89.

Reddit (NYSE:RDDT - Get Free Report) last announced 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 company had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. During the same quarter in the previous year, the firm posted ($8.19) EPS. The firm's quarterly revenue was up 61.5% on a year-over-year basis. Sell-side analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently commented on RDDT. Raymond James dropped their price target 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. Roth Capital lowered shares of Reddit from a "strong-buy" rating to a "hold" rating in a report on Wednesday, January 22nd. JMP Securities reissued a "market outperform" rating and issued a $180.00 price target on shares of Reddit in a research note on Friday. Truist Financial initiated coverage on shares of Reddit in a research note on Monday, April 7th. They set a "buy" rating and a $150.00 price objective for the company. Finally, Bank of America decreased their target price on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 9th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $142.30.

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.