Polymer Capital Management HK LTD Sells 56,721 Shares of Reddit, Inc. (NYSE:RDDT)

Polymer Capital Management HK LTD lowered its stake in Reddit, Inc. (NYSE:RDDT - Free Report) by 79.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,579 shares of the company's stock after selling 56,721 shares during the period. Polymer Capital Management HK LTD's holdings in Reddit were worth $2,383,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of RDDT. Russell Investments Group Ltd. raised its stake in shares of Reddit by 1,419.3% during the fourth quarter. Russell Investments Group Ltd. now owns 167,925 shares of the company's stock valued at $27,573,000 after acquiring an additional 156,872 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in Reddit by 2,292.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 81,736 shares of the company's stock valued at $13,359,000 after purchasing an additional 78,319 shares during the period. Wedbush Securities Inc. bought a new position in Reddit during the 4th quarter valued at approximately $368,000. Katamaran Capital LLP purchased a new stake in Reddit in the 4th quarter worth approximately $424,000. Finally, Wells Fargo & Company MN lifted its stake in Reddit by 909.3% in the fourth quarter. Wells Fargo & Company MN now owns 97,183 shares of the company's stock worth $15,884,000 after acquiring an additional 87,554 shares during the period.

Insider Activity

In other news, CAO Michelle Marie Reynolds sold 11,965 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the transaction, the chief accounting officer now owns 48,418 shares of the company's stock, valued at approximately $7,621,477.38. This represents a 19.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 124,408 shares of Reddit stock in a transaction on Friday, March 14th. The stock was 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 trade represents a 17.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 603,794 shares of company stock worth $89,386,704 over the last 90 days.

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Reddit Price Performance

Shares of NYSE:RDDT traded down $7.62 during midday trading on Thursday, hitting $103.24. The company had a trading volume of 4,493,210 shares, compared to its average volume of 5,472,387. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41. The company has a fifty day moving average of $148.19 and a two-hundred day moving average of $139.38. The company has a market cap of $18.68 billion and a price-to-earnings ratio of -13.25.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a research note on Tuesday. Robert W. Baird increased their price objective on Reddit from $160.00 to $185.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. Redburn Atlantic assumed coverage on shares of Reddit in a report on Monday, March 17th. They set a "sell" rating and a $75.00 target price on the stock. The Goldman Sachs Group upped their target price on shares of Reddit from $105.00 to $176.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 14th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $220.00 price target on shares of Reddit in a research report on Friday, March 21st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $151.73.

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.