Science & Technology Partners L.P. Acquires Shares of 103,000 Reddit, Inc. (NYSE:RDDT)

Science & Technology Partners L.P. acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 103,000 shares of the company's stock, valued at approximately $16,834,000. Reddit comprises 5.1% of Science & Technology Partners L.P.'s holdings, making the stock its 10th largest position. Science & Technology Partners L.P. owned approximately 0.06% of Reddit as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in RDDT. Ridgewood Investments LLC lifted its holdings 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 acquiring an additional 100 shares during the period. Proficio Capital Partners LLC boosted its holdings in Reddit by 2.1% during the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock valued at $966,000 after purchasing an additional 120 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of Reddit by 148.5% in the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after purchasing an additional 147 shares during the period. UMB Bank n.a. raised its holdings in shares of Reddit by 10.8% in the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock worth $251,000 after buying an additional 150 shares in the last quarter. Finally, Foundations Investment Advisors LLC lifted its position in shares of Reddit by 3.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock worth $870,000 after buying an additional 155 shares during the period.

Analyst Upgrades and Downgrades

RDDT has been the subject of several recent analyst reports. Wells Fargo & Company dropped their price objective on Reddit from $215.00 to $158.00 and set an "overweight" rating for the company in a research note on Monday, March 31st. Redburn Partners set a $75.00 target price on shares of Reddit in a research report on Monday, March 17th. JMP Securities set a $155.00 price target on shares of Reddit in a research report on Friday, March 28th. Roth Capital cut shares of Reddit from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, January 22nd. Finally, Truist Financial began coverage on shares of Reddit in a research note on Monday, April 7th. They issued a "buy" rating and a $150.00 target price for the company. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $142.22.

Insider Buying and Selling

In other news, CAO Michelle Marie Reynolds sold 11,965 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the completion of the transaction, the chief accounting officer now owns 48,418 shares in the company, valued at $7,621,477.38. This represents a 19.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Benjamin Seong Lee sold 92,299 shares of the firm's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the sale, the insider now owns 115,001 shares in the company, valued at approximately $18,095,407.35. The trade was a 44.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 725,270 shares of company stock valued at $97,067,425 in the last 90 days.

Reddit Price Performance

Shares of RDDT stock traded up $0.39 during trading hours on Tuesday, reaching $121.60. The company had a trading volume of 1,865,156 shares, compared to its average volume of 7,279,247. Reddit, Inc. has a 1-year low of $44.15 and a 1-year high of $230.41. The company has a 50 day moving average of $120.74 and a 200 day moving average of $142.98. The firm has a market cap of $22.00 billion and a price-to-earnings ratio of -15.73.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. As a group, sell-side analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

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.