Royce & Associates LP Sells 25,600 Shares of Reddit, Inc. (NYSE:RDDT)

Royce & Associates LP decreased its holdings in Reddit, Inc. (NYSE:RDDT) by 32.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 53,900 shares of the company’s stock after selling 25,600 shares during the period. Royce & Associates LP’s holdings in Reddit were worth $8,809,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Prospera Financial Services Inc bought a new stake in shares of Reddit during the 3rd quarter valued at $248,000. AlpInvest Partners B.V. purchased a new position in Reddit during the 3rd quarter valued at about $4,688,000. Charles Schwab Investment Management Inc. increased its position in shares of Reddit by 194.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company’s stock valued at $33,179,000 after buying an additional 332,604 shares during the period. GM Advisory Group LLC purchased a new stake in shares of Reddit in the third quarter worth about $255,000. Finally, Meridian Wealth Management LLC boosted its position in shares of Reddit by 29.7% in the third quarter. Meridian Wealth Management LLC now owns 45,650 shares of the company’s stock valued at $3,009,000 after acquiring an additional 10,466 shares during the period.

Insider Buying and Selling at Reddit

In other news, CFO Andrew Vollero sold 48,122 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the sale, the chief financial officer now directly owns 599,295 shares in the company, valued at approximately $97,565,226. This represents a 7.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the firm’s stock in a transaction dated 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 sale, 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 disclosure for this sale can be found here. Insiders sold 470,461 shares of company stock valued at $74,176,916 in the last quarter.

Analyst Upgrades and Downgrades

Several analysts have issued reports on RDDT shares. Morgan Stanley increased their target price on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Seaport Res Ptn raised Reddit to a “hold” rating in a research note on Thursday, February 6th. Wells Fargo & Company upped their target price on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Guggenheim started coverage on Reddit in a research report on Friday, December 20th. They set a “buy” rating and a $210.00 price target for the company. Finally, Bank of America boosted their price objective on Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $164.50.

Reddit Trading Down 12.4 %

NYSE RDDT opened at $110.02 on Wednesday. The firm has a market cap of $19.90 billion and a PE ratio of -14.23. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41. The stock has a 50-day moving average of $174.74 and a 200-day moving average of $134.59.

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