Reddit, Inc. (NYSE:RDDT) Stock Holdings Lowered by G2 Investment Partners Management LLC

G2 Investment Partners Management LLC trimmed its position in shares of Reddit, Inc. (NYSE:RDDT) by 64.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 53,709 shares of the company’s stock after selling 95,861 shares during the period. Reddit accounts for approximately 2.3% of G2 Investment Partners Management LLC’s holdings, making the stock its 14th biggest position. G2 Investment Partners Management LLC’s holdings in Reddit were worth $8,778,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Jennison Associates LLC acquired a new position in shares of Reddit during the fourth quarter valued at approximately $494,861,000. Renaissance Capital LLC lifted its holdings in shares of Reddit by 14.2% in the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after buying an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Reddit by 27.6% during the fourth 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 in the last quarter. Assetmark Inc. raised its position in Reddit by 1,537,566.7% in the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock worth $7,539,000 after acquiring an additional 46,127 shares in the last quarter. Finally, Chung Wu Investment Group LLC bought a new stake in Reddit in the fourth quarter worth about $327,000.

Insider Transactions at Reddit

In other news, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total value of $3,133,062.66. Following the completion of the transaction, the chief operating officer now owns 1,466,119 shares of the company’s stock, valued at $137,800,524.81. The trade was a 2.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the sale, the chief executive officer now owns 614,394 shares in the company, valued at approximately $115,370,905.32. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 725,270 shares of company stock worth $95,789,365.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of Reddit from $158.00 to $168.00 and gave the stock an “overweight” rating in a report on Friday, May 2nd. Piper Sandler reaffirmed an “overweight” rating and set a $150.00 target price (up from $140.00) on shares of Reddit in a report on Friday, May 2nd. Sanford C. Bernstein upgraded Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 price objective on the stock in a report on Friday, May 2nd. Redburn Atlantic initiated coverage on shares of Reddit in a report on Monday, March 17th. They issued a “sell” rating and a $75.00 target price for the company. Finally, B. Riley restated a “buy” rating and set a $220.00 price target (down previously from $222.00) on shares of Reddit in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $140.35.

Reddit Stock Performance

Shares of RDDT opened at $107.90 on Friday. The firm has a market capitalization of $19.52 billion, a P/E ratio of -13.96, a P/E/G ratio of 4.72 and a beta of 2.90. The company has a 50-day simple moving average of $112.57 and a 200-day simple moving average of $144.09. Reddit, Inc. has a 52 week low of $48.25 and a 52 week high of $230.41.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The business had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same quarter in the prior year, the firm earned ($8.19) EPS. The firm’s quarterly revenue was up 61.5% compared to the same quarter last year. As a group, equities analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current year.

Reddit 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.