Quinn Opportunity Partners LLC Sells 6,547 Shares of Reddit, Inc. (NYSE:RDDT)

Quinn Opportunity Partners LLC decreased its holdings in Reddit, Inc. (NYSE:RDDT - Free Report) by 1.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 449,778 shares of the company's stock after selling 6,547 shares during the quarter. Reddit makes up 5.0% of Quinn Opportunity Partners LLC's investment portfolio, making the stock its biggest holding. Quinn Opportunity Partners LLC owned approximately 0.26% of Reddit worth $73,512,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RDDT. Jennison Associates LLC acquired a new stake in Reddit during the fourth quarter worth approximately $494,861,000. Renaissance Capital LLC raised its holdings in shares of Reddit by 14.2% during the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock valued at $5,105,000 after purchasing an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Reddit by 27.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock valued at $105,003,000 after buying an additional 139,135 shares during the period. Assetmark Inc. increased its position in Reddit by 1,537,566.7% in the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company's stock valued at $7,539,000 after buying an additional 46,127 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in Reddit by 3,640.5% during the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company's stock worth $16,831,000 after buying an additional 248,499 shares during the period.

Remove Ads

Reddit Stock Down 3.1 %

Reddit stock traded down $3.11 during midday trading on Monday, reaching $98.04. The stock had a trading volume of 3,936,259 shares, compared to its average volume of 5,495,021. The company has a fifty day moving average of $143.88 and a 200 day moving average of $140.36. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The firm has a market cap of $17.74 billion and a price-to-earnings ratio of -12.68.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data 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 predict that Reddit, Inc. will post 1.12 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $103.28, for a total value of $1,445,920.00. Following the sale, the chief executive officer now owns 577,013 shares in the company, valued at $59,593,902.64. This trade represents a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the completion of the transaction, the chief accounting officer now directly 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 603,794 shares of company stock valued at $89,386,704.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. cut their target price on Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Morgan Stanley boosted their target price on shares of Reddit from $200.00 to $210.00 and gave the stock an "overweight" rating in a research report on Thursday, February 13th. Truist Financial assumed coverage on Reddit in a report on Monday, April 7th. They set a "buy" rating and a $150.00 price objective for the company. Piper Sandler cut their target price on Reddit from $220.00 to $140.00 and set an "overweight" rating on the stock in a research report on Thursday. Finally, Raymond James dropped their price objective on Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, March 12th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $146.18.

About Reddit

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.