Portolan Capital Management LLC Sells 141,504 Shares of Reddit, Inc. (NYSE:RDDT)

Portolan Capital Management LLC cut its position in Reddit, Inc. (NYSE:RDDT - Free Report) by 76.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,542 shares of the company's stock after selling 141,504 shares during the quarter. Portolan Capital Management LLC's holdings in Reddit were worth $2,936,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. ARK Investment Management LLC boosted its position in shares of Reddit by 120.5% during the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company's stock valued at $23,251,000 after acquiring an additional 192,785 shares during the last quarter. Victory Capital Management Inc. lifted its position in Reddit by 903.8% during the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company's stock valued at $33,231,000 after purchasing an additional 453,894 shares during the last quarter. Mission Creek Capital Partners Inc. bought a new stake in Reddit during the third quarter valued at approximately $7,490,000. Objective Capital Management LLC purchased a new position in Reddit in the 3rd quarter worth approximately $391,000. Finally, VY Capital Management Co. Ltd. bought a new position in shares of Reddit in the 3rd quarter worth $474,403,000.

Analysts Set New Price Targets

RDDT has been the subject of a number of research analyst reports. B. Riley reaffirmed a "buy" rating and set a $112.00 price objective (up from $87.00) on shares of Reddit in a report on Wednesday, October 30th. Raymond James boosted their target price on Reddit from $70.00 to $80.00 and gave the stock a "strong-buy" rating in a research report on Thursday, October 10th. The Goldman Sachs Group lifted their price target on shares of Reddit from $60.00 to $68.00 and gave the stock a "neutral" rating in a research note on Monday, October 14th. Needham & Company LLC upped their price objective on shares of Reddit from $85.00 to $120.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Finally, Sanford C. Bernstein raised their price target on Reddit from $65.00 to $85.00 and gave the stock an "underperform" rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Reddit has a consensus rating of "Moderate Buy" and a consensus price target of $103.17.

Insiders Place Their Bets

In other Reddit news, insider Benjamin Seong Lee sold 18,519 shares of the firm's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the completion of the sale, the insider now directly owns 138,401 shares in the company, valued at approximately $20,214,850.06. This trade represents a 11.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Christopher Brian Slowe sold 5,000 shares of Reddit stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the transaction, the chief technology officer now directly owns 30,068 shares of the company's stock, valued at $2,329,668.64. This trade represents a 14.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 325,644 shares of company stock worth $31,195,790.

Reddit Price Performance

RDDT stock traded down $1.18 during midday trading on Thursday, hitting $153.05. The stock had a trading volume of 4,486,764 shares, compared to its average volume of 5,030,603. The business has a 50-day moving average of $106.37 and a two-hundred day moving average of $76.76. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $158.49.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. Reddit's quarterly revenue was up 67.9% compared to the same quarter last year. Research analysts expect that Reddit, Inc. will post -3.63 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.