Marshall Wace LLP Reduces Stake in Reddit, Inc. (NYSE:RDDT)

Marshall Wace LLP lessened its stake in Reddit, Inc. (NYSE:RDDT - Free Report) by 26.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,145,861 shares of the company's stock after selling 407,645 shares during the period. Marshall Wace LLP owned 0.65% of Reddit worth $187,280,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in RDDT. Plato Investment Management Ltd bought a new position in shares of Reddit during the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit during the fourth quarter worth $28,000. Ridgewood Investments LLC lifted its holdings in shares of Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. acquired a new position in Reddit during the 4th quarter valued at about $33,000. Finally, Bogart Wealth LLC purchased a new stake in Reddit in the fourth quarter valued at about $33,000.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on RDDT shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $220.00 price objective on shares of Reddit in a research report on Friday, March 21st. Loop Capital reaffirmed a "buy" rating and issued a $210.00 price target on shares of Reddit in a report on Tuesday, March 11th. Raymond James dropped their price objective on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a report on Wednesday, March 12th. Roth Capital downgraded shares of Reddit from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, January 22nd. Finally, Piper Sandler reduced their price objective on Reddit from $220.00 to $140.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. 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 data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $142.22.

Insiders Place Their Bets

In other news, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total value of $3,133,062.66. Following the sale, the chief operating officer now directly owns 1,466,119 shares in the company, valued at approximately $137,800,524.81. This trade represents a 2.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 124,408 shares of the company's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $96.65, for a total value of $12,024,033.20. Following the sale, the chief executive officer now owns 577,013 shares in the company, valued at approximately $55,768,306.45. This trade represents a 17.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 714,202 shares of company stock worth $96,326,958 in the last ninety days.

Reddit Stock Performance

Shares of RDDT traded up $0.66 during midday trading on Friday, hitting $96.04. 2,852,484 shares of the stock were exchanged, compared to its average volume of 5,521,081. The firm has a market cap of $17.37 billion and a P/E ratio of -12.42. Reddit, Inc. has a 52-week low of $40.17 and a 52-week high of $230.41. The stock has a fifty day simple moving average of $131.49 and a 200 day simple moving average of $140.37.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping 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%. As a group, equities research analysts forecast that Reddit, Inc. will post 1.12 EPS 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.