Reddit, Inc. (NYSE:RDDT) Shares Sold by Long Walk Management LP

Long Walk Management LP reduced its holdings in Reddit, Inc. (NYSE:RDDT) by 77.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 164,500 shares of the company’s stock after selling 550,500 shares during the quarter. Reddit comprises 9.8% of Long Walk Management LP’s portfolio, making the stock its 5th biggest holding. Long Walk Management LP’s holdings in Reddit were worth $26,886,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Plato Investment Management Ltd bought a new stake in Reddit in the 4th quarter valued at $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit during the fourth quarter valued at about $28,000. Ridgewood Investments LLC lifted its stake in shares of Reddit by 100.0% in the fourth 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. acquired a new stake in Reddit during the fourth quarter worth about $33,000. Finally, Bogart Wealth LLC bought a new position in Reddit during the fourth quarter valued at about $33,000.

Analysts Set New Price Targets

RDDT has been the subject of a number of research reports. Seaport Res Ptn upgraded Reddit to a “hold” rating in a research report on Thursday, February 6th. Roth Capital cut Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Jefferies Financial Group boosted their price target on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. Wells Fargo & Company raised their price objective on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Finally, Citigroup reiterated a “neutral” rating on shares of Reddit in a research report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $173.45.

Insiders Place Their Bets

In other news, CAO Michelle Marie Reynolds sold 11,965 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total value of $1,883,410.65. Following the transaction, the chief accounting officer now directly owns 48,418 shares in the company, valued at $7,621,477.38. This trade represents a 19.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David C. Habiger acquired 774 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average price of $130.36 per share, with a total value of $100,898.64. Following the acquisition, the director now directly owns 30,808 shares of the company’s stock, valued at $4,016,130.88. The trade was a 2.58 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 393,386 shares of company stock valued at $66,673,388.

Reddit Price Performance

Shares of Reddit stock opened at $127.71 on Friday. The firm has a 50 day simple moving average of $177.06 and a 200 day simple moving average of $133.22. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The firm has a market cap of $23.10 billion and a P/E ratio of -16.52.

Reddit (NYSE:RDDT) last released its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, sell-side analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Reddit 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.