Mariner LLC Has $3.54 Million Stock Position in Reddit, Inc. (NYSE:RDDT)

Mariner LLC raised its stake in Reddit, Inc. (NYSE:RDDT) by 244.3% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 21,650 shares of the company’s stock after buying an additional 15,361 shares during the period. Mariner LLC’s holdings in Reddit were worth $3,538,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of RDDT. Plato Investment Management Ltd bought a new stake in shares of Reddit in the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC bought a new position in shares of Reddit during the 4th quarter valued at about $28,000. Ridgewood Investments LLC grew its position in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the period. Farmers & Merchants Investments Inc. bought a new stake in Reddit during the 4th quarter worth approximately $33,000. Finally, Bogart Wealth LLC acquired a new stake in Reddit during the 4th quarter worth approximately $33,000.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the transaction, the chief executive officer now owns 614,394 shares in the company, valued at $124,083,012.24. This represents a 2.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the business’s stock in a transaction that occurred 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 sale, the chief accounting officer now owns 48,418 shares of the company’s stock, valued at approximately $7,621,477.38. This trade represents a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 714,202 shares of company stock valued at $96,326,958.

Reddit Price Performance

Shares of Reddit stock opened at $94.28 on Tuesday. The company has a market capitalization of $17.06 billion and a price-to-earnings ratio of -12.20. The business has a fifty day simple moving average of $129.04 and a two-hundred day simple moving average of $141.54. Reddit, Inc. has a 1 year low of $40.51 and a 1 year high of $230.41.

Reddit (NYSE:RDDT) 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 net margin of 37.25% and a negative return on equity of 24.71%. As a group, equities analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on RDDT shares. Piper Sandler reduced their price target on shares of Reddit from $220.00 to $140.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Redburn Atlantic started coverage on shares of Reddit in a research note on Monday, March 17th. They issued a “sell” rating and a $75.00 target price for the company. Robert W. Baird lifted their price target on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. The Goldman Sachs Group reduced their price objective on Reddit from $185.00 to $124.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Finally, Redburn Partners set a $75.00 target price on Reddit in a research report on Monday, March 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit has an average rating of “Moderate Buy” and an average target price of $142.22.

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.