Sora Investors LLC Lowers Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Sora Investors LLC trimmed its position in Reddit, Inc. (NYSE:RDDT - Free Report) by 51.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,375 shares of the company's stock after selling 33,625 shares during the period. Sora Investors LLC's holdings in Reddit were worth $5,128,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. AdvisorNet Financial Inc raised its stake in shares of Reddit by 41.9% in the fourth quarter. AdvisorNet Financial Inc now owns 681 shares of the company's stock worth $111,000 after purchasing an additional 201 shares during the last quarter. SeaCrest Wealth Management LLC purchased a new stake in shares of Reddit in the fourth quarter worth approximately $347,000. Park Avenue Securities LLC purchased a new stake in shares of Reddit in the fourth quarter worth approximately $993,000. Sanders Morris Harris LLC purchased a new stake in shares of Reddit in the fourth quarter worth approximately $397,000. Finally, StoneCrest Wealth Management Inc. raised its stake in shares of Reddit by 22.8% in the fourth quarter. StoneCrest Wealth Management Inc. now owns 8,406 shares of the company's stock worth $1,374,000 after purchasing an additional 1,560 shares during the last quarter.

Reddit Stock Performance

NYSE RDDT traded down $5.19 on Monday, hitting $108.04. 10,459,008 shares of the stock traded hands, compared to its average volume of 5,955,537. The business's fifty day moving average is $109.40 and its two-hundred day moving average is $145.91. Reddit, Inc. has a 12 month low of $49.13 and a 12 month high of $230.41. The firm has a market capitalization of $19.94 billion, a price-to-earnings ratio of -13.98, a PEG ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.13 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) earnings per share. The business's revenue for the quarter was up 61.5% on a year-over-year basis. Analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Tuesday, May 6th. The stock was 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 in the company, valued at approximately $63,858,028.71. This trade represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 11,000 shares of the stock in a transaction on Tuesday, April 22nd. The stock was 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 $28,050,996.75. This trade represents a 3.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold 725,270 shares of company stock valued at $95,789,365 over the last three months.

Wall Street Analyst Weigh In

Several brokerages have recently commented on RDDT. Wells Fargo & Company reissued an "equal weight" rating and issued a $115.00 price objective (down from $168.00) on shares of Reddit in a research note on Monday. Redburn Atlantic began coverage on Reddit in a research note on Monday, March 17th. They issued a "sell" rating and a $75.00 price objective for the company. Needham & Company LLC increased their price objective on Reddit from $135.00 to $145.00 and gave the stock a "buy" rating in a research note 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, Sanford C. Bernstein raised Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 target price for the company in a report on Friday, May 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Reddit presently has an average rating of "Moderate Buy" and an average target price of $141.36.

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.