Reddit, Inc. (NYSE:RDDT) Holdings Reduced by Wellington Management Group LLP

Wellington Management Group LLP decreased its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 93.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,999 shares of the company's stock after selling 239,326 shares during the quarter. Wellington Management Group LLP's holdings in Reddit were worth $2,615,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in RDDT. Clearbridge Investments LLC purchased a new stake in Reddit in the 4th quarter valued at about $52,121,000. IPG Investment Advisors LLC purchased a new stake in Reddit in the fourth quarter valued at approximately $252,000. Tucker Asset Management LLC acquired a new position in Reddit during the fourth quarter worth approximately $39,000. Level Four Advisory Services LLC purchased a new position in Reddit during the fourth quarter worth approximately $231,000. Finally, Pictet Asset Management Holding SA boosted its holdings in shares of Reddit by 123.9% in the 4th quarter. Pictet Asset Management Holding SA now owns 7,244 shares of the company's stock valued at $1,184,000 after purchasing an additional 4,009 shares during the last quarter.

Reddit Stock Performance

Shares of Reddit stock traded down $1.22 during trading on Wednesday, reaching $95.24. The company had a trading volume of 3,682,717 shares, compared to its average volume of 5,490,269. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The firm's fifty day moving average is $139.02 and its 200-day moving average is $140.27. The company has a market cap of $17.23 billion and a price-to-earnings ratio of -12.32.

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

Analyst Ratings Changes

RDDT has been the subject of a number of research analyst reports. Seaport Res Ptn upgraded Reddit to a "hold" rating in a report on Thursday, February 6th. JMP Securities set a $155.00 price objective on Reddit in a research note on Friday, March 28th. Roth Mkm downgraded shares of Reddit from a "buy" rating to a "neutral" rating and increased their target price for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Redburn Partners set a $75.00 price target on shares of Reddit in a research report on Monday, March 17th. Finally, Redburn Atlantic initiated coverage on shares of Reddit in a research note on Monday, March 17th. They set a "sell" rating and a $75.00 price objective for the company. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $145.26.

Insider Buying and Selling

In other Reddit news, CAO Michelle Marie Reynolds sold 11,965 shares of Reddit stock in a transaction that occurred on 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 transaction, the chief accounting officer now directly owns 48,418 shares in the company, valued at $7,621,477.38. The trade was a 19.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Jennifer L. Wong sold 33,334 shares of the company's stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total value of $5,797,782.62. Following the transaction, the chief operating officer now directly owns 1,504,297 shares of the company's stock, valued at $261,642,377.21. This trade represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 589,794 shares of company stock worth $86,967,644 over the last ninety days.

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.