Wellington Management Group LLP Sells 239,326 Shares of Reddit, Inc. (NYSE:RDDT)

Wellington Management Group LLP reduced its position in Reddit, Inc. (NYSE:RDDT - Free Report) by 93.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,999 shares of the company's stock after selling 239,326 shares during the period. Wellington Management Group LLP's holdings in Reddit were worth $2,615,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Plato Investment Management Ltd purchased a new position in Reddit during the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC acquired a new position in Reddit in the 4th quarter valued at approximately $28,000. Ridgewood Investments LLC increased its stake in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after buying an additional 100 shares during the period. Farmers & Merchants Investments Inc. purchased a new stake in Reddit in the 4th quarter worth approximately $33,000. Finally, Bogart Wealth LLC purchased a new position in shares of Reddit during the 4th quarter valued at $33,000.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 124,408 shares of the company's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $127.36, for a total value of $15,844,602.88. Following the sale, the chief executive officer now owns 583,515 shares of the company's stock, valued at approximately $74,316,470.40. This represents a 17.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David C. Habiger purchased 774 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average cost of $130.36 per share, with a total value of $100,898.64. Following the completion of the acquisition, the director now directly owns 30,808 shares in the company, valued at $4,016,130.88. The trade was a 2.58 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 714,202 shares of company stock worth $96,326,958.

Analyst Ratings Changes

A number of research firms recently issued reports on RDDT. Roth Capital cut Reddit from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, January 22nd. The Goldman Sachs Group lowered their price target on Reddit from $185.00 to $124.00 and set a "neutral" rating for the company in a research note on Monday. JPMorgan Chase & Co. cut their price objective on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Redburn Atlantic initiated coverage on shares of Reddit in a research note on Monday, March 17th. They set a "sell" rating and a $75.00 price target on the stock. Finally, Raymond James decreased their price objective on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a report on Wednesday, March 12th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $142.22.

Reddit Price Performance

Shares of NYSE RDDT traded up $0.66 during trading hours on Friday, reaching $96.04. The stock had a trading volume of 2,852,484 shares, compared to its average volume of 5,521,081. Reddit, Inc. has a twelve month low of $40.17 and a twelve month high of $230.41. The business's fifty day moving average is $131.49 and its two-hundred day moving average is $140.37. The company has a market cap of $17.37 billion and a price-to-earnings ratio of -12.42.

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