Schonfeld Strategic Advisors LLC Has $57.46 Million Holdings in Reddit, Inc. (NYSE:RDDT)

Schonfeld Strategic Advisors LLC lowered its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 40.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 351,557 shares of the company’s stock after selling 237,466 shares during the period. Reddit comprises 0.3% of Schonfeld Strategic Advisors LLC’s portfolio, making the stock its 27th largest holding. Schonfeld Strategic Advisors LLC owned approximately 0.20% of Reddit worth $57,458,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Plato Investment Management Ltd acquired a new stake in shares of Reddit in the fourth quarter valued at approximately $27,000. EverSource Wealth Advisors LLC bought a new position in shares of Reddit during the 4th quarter worth approximately $28,000. Ridgewood Investments LLC raised its holdings in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. bought a new position in Reddit in the 4th quarter valued at $33,000. Finally, Bogart Wealth LLC purchased a new stake in shares of Reddit during the 4th quarter valued at approximately $33,000.

Reddit Stock Up 2.6 %

Shares of NYSE:RDDT opened at $121.16 on Tuesday. The business has a 50 day moving average price of $120.74 and a 200 day moving average price of $142.98. The company has a market cap of $21.92 billion and a price-to-earnings ratio of -15.67. Reddit, Inc. has a twelve month low of $44.15 and a twelve month high of $230.41.

Reddit (NYSE:RDDT) last posted its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Activity at Reddit

In other news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total value of $3,133,062.66. Following the transaction, the chief operating officer now owns 1,466,119 shares in the company, valued at approximately $137,800,524.81. The trade was a 2.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the firm’s 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 transaction, the chief accounting officer now directly owns 48,418 shares of the company’s stock, valued at $7,621,477.38. This represents a 19.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 725,270 shares of company stock valued at $97,067,425 in the last quarter.

Wall Street Analyst Weigh In

RDDT has been the subject of several research reports. Guggenheim decreased their price objective on shares of Reddit from $210.00 to $170.00 and set a “buy” rating for the company in a report on Thursday, March 20th. Needham & Company LLC reissued a “buy” rating and set a $220.00 price objective on shares of Reddit in a report on Friday, March 21st. Bank of America cut their target price on shares of Reddit from $190.00 to $110.00 and set a “neutral” rating for the company in a report on Wednesday, April 9th. Truist Financial started coverage on shares of Reddit in a research report on Monday, April 7th. They set a “buy” rating and a $150.00 price objective for the company. Finally, Wells Fargo & Company decreased their price target on shares of Reddit from $215.00 to $158.00 and set an “overweight” rating for the company in a research note on Monday, March 31st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.