Reddit, Inc. (NYSE:RDDT) Shares Sold by T. Rowe Price Investment Management Inc.

T. Rowe Price Investment Management Inc. cut its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 9.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,684,178 shares of the company's stock after selling 365,090 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 2.10% of Reddit worth $602,143,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. MGO One Seven LLC purchased a new stake in Reddit during the 4th quarter valued at about $747,000. Dark Forest Capital Management LP purchased a new stake in Reddit in the fourth quarter valued at approximately $641,000. Archon Partners LLC acquired a new position in Reddit in the 4th quarter worth approximately $6,538,000. Hsbc Holdings PLC purchased a new position in Reddit during the 4th quarter worth approximately $958,000. Finally, Soros Capital Management LLC acquired a new stake in Reddit during the 4th quarter valued at approximately $10,300,000.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares in the company, valued at $124,083,012.24. The trade was a 2.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Christopher Brian Slowe sold 11,000 shares of the stock in a transaction on 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 transaction, the chief technology officer now directly 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 a total of 725,270 shares of company stock valued at $97,067,425 over the last quarter.

Reddit Stock Up 1.9 %

RDDT traded up $2.21 during trading on Monday, reaching $120.31. The company's stock had a trading volume of 3,748,845 shares, compared to its average volume of 7,279,004. The firm has a fifty day simple moving average of $122.11 and a two-hundred day simple moving average of $142.64. The company has a market cap of $21.76 billion and a price-to-earnings ratio of -15.56. Reddit, Inc. has a 1 year low of $44.15 and a 1 year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share 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, equities analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on RDDT. Guggenheim reduced their target price on shares of Reddit from $210.00 to $170.00 and set a "buy" rating for the company in a report on Thursday, March 20th. Truist Financial initiated coverage on Reddit in a report on Monday, April 7th. They issued a "buy" rating and a $150.00 price objective for the company. Wells Fargo & Company dropped their target price on Reddit from $215.00 to $158.00 and set an "overweight" rating on the stock in a report on Monday, March 31st. B. Riley upped their price objective on Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a research report on Tuesday, January 14th. Finally, Redburn Atlantic assumed coverage on shares of Reddit in a research note on Monday, March 17th. They issued a "sell" rating and a $75.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $142.22.

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.