G2 Investment Partners Management LLC Sells 95,861 Shares of Reddit, Inc. (NYSE:RDDT)

G2 Investment Partners Management LLC decreased its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 64.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 53,709 shares of the company's stock after selling 95,861 shares during the period. Reddit makes up 2.3% of G2 Investment Partners Management LLC's portfolio, making the stock its 14th biggest holding. G2 Investment Partners Management LLC's holdings in Reddit were worth $8,778,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Fundsmith Investment Services LTD. purchased a new position in Reddit in the 4th quarter worth about $12,532,000. Circle Wealth Management LLC acquired a new position in Reddit in the 4th quarter worth approximately $518,000. Deutsche Bank AG purchased a new position in Reddit during the 4th quarter worth approximately $69,806,000. Driehaus Capital Management LLC raised its stake in Reddit by 3.7% during the 4th quarter. Driehaus Capital Management LLC now owns 174,268 shares of the company's stock valued at $28,482,000 after purchasing an additional 6,169 shares during the period. Finally, CoreCap Advisors LLC lifted its holdings in shares of Reddit by 3,500.0% in the fourth quarter. CoreCap Advisors LLC now owns 360 shares of the company's stock valued at $59,000 after purchasing an additional 350 shares in the last quarter.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $110.67, for a total value of $1,549,380.00. Following the sale, the chief executive officer now owns 577,013 shares of the company's stock, valued at $63,858,028.71. The trade was a 2.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the firm's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $187.72, for a total transaction of $6,257,270.76. Following the completion of 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. In the last 90 days, insiders sold 725,270 shares of company stock valued at $95,789,365.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. The Goldman Sachs Group lifted their target price on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Loop Capital reiterated a "buy" rating and issued a $210.00 price objective on shares of Reddit in a report on Tuesday, March 11th. Wells Fargo & Company raised their target price on Reddit from $158.00 to $168.00 and gave the company an "overweight" rating in a report on Friday, May 2nd. Seaport Res Ptn raised Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. Finally, Redburn Partners set a $75.00 target price on shares of Reddit in a research note on Monday, March 17th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $140.35.

Reddit Price Performance

Shares of RDDT stock traded up $1.53 on Tuesday, reaching $112.74. 6,640,929 shares of the stock were exchanged, compared to its average volume of 5,873,993. Reddit, Inc. has a one year low of $49.13 and a one year high of $230.41. The stock has a market cap of $20.40 billion, a PE ratio of -14.58, a P/E/G ratio of 4.72 and a beta of 2.90. The stock has a 50 day moving average price of $110.40 and a 200 day moving average price of $145.44.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 24.71% and a negative net margin of 37.25%. The company's quarterly revenue was up 61.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($8.19) EPS. On average, research analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

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.