Morling Financial Advisors LLC Lowers Holdings in Reddit, Inc. (NYSE:RDDT)

Morling Financial Advisors LLC trimmed its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 86.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,285 shares of the company's stock after selling 33,175 shares during the quarter. Morling Financial Advisors LLC's holdings in Reddit were worth $864,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. FMR LLC grew its stake in Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company's stock worth $801,428,000 after buying an additional 9,139,196 shares in the last quarter. Jennison Associates LLC purchased a new position in shares of Reddit during the 4th quarter valued at about $494,861,000. Point72 Asset Management L.P. lifted its position in Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company's stock worth $151,357,000 after buying an additional 2,225,895 shares during the last quarter. Holocene Advisors LP grew its stake in shares of Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock valued at $198,154,000 after buying an additional 1,923,109 shares during the last quarter. Finally, Lord Abbett & CO. LLC increased its holdings in shares of Reddit by 1,519.4% in the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company's stock worth $108,792,000 after buying an additional 1,548,450 shares during the period.

Insider Buying and Selling at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Monday, December 16th. The stock was sold at an average price of $176.20, for a total transaction of $2,466,800.00. Following the transaction, the chief executive officer now directly owns 620,971 shares in the company, valued at approximately $109,415,090.20. The trade was a 2.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the company's stock in a transaction dated 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 completion of the sale, the chief accounting officer now owns 48,418 shares of the company's stock, valued at approximately $7,621,477.38. The trade was a 19.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 393,386 shares of company stock worth $66,673,388 in the last three months.

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Reddit Stock Performance

Shares of RDDT stock traded up $9.49 during trading hours on Wednesday, reaching $132.22. The company had a trading volume of 9,211,301 shares, compared to its average volume of 5,595,801. The business has a fifty day moving average price of $179.61 and a 200-day moving average price of $132.31. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41. The firm has a market cap of $23.92 billion and a PE ratio of -17.01.

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

Wall Street Analyst Weigh In

RDDT has been the subject of a number of analyst reports. JMP Securities increased their price objective on Reddit from $190.00 to $200.00 and gave the company a "market outperform" rating in a research note on Thursday, February 13th. Bank of America lifted their price target on Reddit from $180.00 to $190.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Raymond James lowered their price objective on Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research report on Wednesday. Jefferies Financial Group boosted their target price on shares of Reddit from $120.00 to $175.00 and gave the company a "buy" rating in a report on Monday, November 25th. Finally, Needham & Company LLC increased their price target on shares of Reddit from $190.00 to $220.00 and gave the stock a "buy" rating in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Reddit presently has an average rating of "Moderate Buy" and a consensus price target of $173.45.

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.