Reddit, Inc. (NYSE:RDDT) Holdings Lowered by BIT Capital GmbH

BIT Capital GmbH reduced its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 14.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 394,105 shares of the company's stock after selling 64,257 shares during the quarter. Reddit makes up about 5.1% of BIT Capital GmbH's holdings, making the stock its 7th biggest holding. BIT Capital GmbH owned about 0.22% of Reddit worth $64,413,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its position in shares of Reddit by 194.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company's stock valued at $33,179,000 after buying an additional 332,604 shares during the period. Cerity Partners LLC purchased a new stake in Reddit in the third quarter worth $446,000. Kingsview Wealth Management LLC bought a new position in Reddit in the third quarter worth $251,000. Daiwa Securities Group Inc. bought a new stake in shares of Reddit during the 3rd quarter valued at $85,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Reddit in the 3rd quarter worth about $1,053,000.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of recent research reports. Loop Capital reissued a "buy" rating and set a $210.00 price target on shares of Reddit in a research report on Tuesday, March 11th. Raymond James lowered their target price 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. Redburn Partners set a $75.00 price target on Reddit in a research note on Monday, March 17th. JPMorgan Chase & Co. lifted their price objective on Reddit from $142.00 to $185.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. Finally, JMP Securities set a $155.00 target price on Reddit in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $163.00.

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Insider Activity at Reddit

In related news, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total value of $5,797,782.62. Following the completion of the sale, the chief operating officer now directly owns 1,504,297 shares of the company's stock, valued at approximately $261,642,377.21. This represents a 2.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at $101,577,760.02. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 603,794 shares of company stock worth $90,255,404.

Reddit Stock Performance

Shares of NYSE RDDT traded down $5.46 during midday trading on Monday, hitting $102.26. 5,117,920 shares of the stock traded hands, compared to its average volume of 5,310,692. The firm has a market capitalization of $18.50 billion and a P/E ratio of -13.19. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41. The firm has a 50-day moving average of $165.95 and a two-hundred day moving average of $137.81.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating 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%. Equities analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal 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.