ARK Investment Management LLC Reduces Stake in Reddit, Inc. (NYSE:RDDT)

ARK Investment Management LLC decreased its stake in shares of Reddit, Inc. (NYSE:RDDT) by 19.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 285,667 shares of the company’s stock after selling 67,054 shares during the period. ARK Investment Management LLC’s holdings in Reddit were worth $46,689,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in RDDT. FMR LLC lifted its holdings in Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares in the last quarter. Jennison Associates LLC bought a new position in Reddit in the 4th quarter worth about $494,861,000. Point72 Asset Management L.P. increased its stake in Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after acquiring an additional 2,225,895 shares during the last quarter. Holocene Advisors LP increased its stake in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after acquiring an additional 1,923,109 shares during the last quarter. Finally, Lord Abbett & CO. LLC increased its stake in Reddit by 1,519.4% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after acquiring an additional 1,548,450 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on RDDT shares. Bank of America upped their target price on Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Citigroup restated a “neutral” rating on shares of Reddit in a research note on Thursday, February 13th. Jefferies Financial Group upped their target price on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Guggenheim started coverage on Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 target price on the stock. Finally, Roth Mkm lowered Reddit from a “buy” rating to a “neutral” rating and upped their target price for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $175.95.

Reddit Price Performance

RDDT opened at $159.59 on Wednesday. The stock’s 50 day simple moving average is $183.68 and its 200 day simple moving average is $125.70. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41. The firm has a market cap of $28.87 billion and a price-to-earnings ratio of -20.65.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping 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%. As a group, sell-side analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $173.93, for a total value of $5,797,782.62. Following the completion of the sale, the chief operating officer now owns 1,504,297 shares in the company, valued at approximately $261,642,377.21. This trade represents a 2.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $176.20, for a total value of $2,466,800.00. Following the completion of the sale, the chief executive officer now owns 620,971 shares of the company’s stock, valued at approximately $109,415,090.20. This trade represents a 2.20 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 220,000 shares of company stock worth $38,754,528.

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.