Marshall Wace LLP Sells 407,645 Shares of Reddit, Inc. (NYSE:RDDT)

Marshall Wace LLP lessened its holdings in Reddit, Inc. (NYSE:RDDT) by 26.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,145,861 shares of the company’s stock after selling 407,645 shares during the period. Marshall Wace LLP’s holdings in Reddit were worth $187,280,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Plato Investment Management Ltd acquired a new position in shares of Reddit during the 4th quarter worth about $27,000. EverSource Wealth Advisors LLC bought a new stake in Reddit during the fourth quarter worth about $28,000. Ridgewood Investments LLC boosted its position in Reddit by 100.0% during the fourth 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 last quarter. Farmers & Merchants Investments Inc. bought a new position in Reddit in the fourth quarter valued at approximately $33,000. Finally, Bogart Wealth LLC bought a new position in Reddit in the fourth quarter valued at approximately $33,000.

Reddit Price Performance

NYSE:RDDT opened at $96.33 on Wednesday. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41. The company has a market cap of $17.43 billion and a PE ratio of -12.46. The firm has a 50-day moving average of $139.02 and a 200-day moving average of $140.27.

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. JMP Securities set a $155.00 price target on shares of Reddit in a research report on Friday, March 28th. JPMorgan Chase & Co. cut their target price on shares of Reddit from $185.00 to $110.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. Citigroup lowered their price target on Reddit from $220.00 to $150.00 and set a “buy” rating on the stock in a research report on Monday. Morgan Stanley raised their price objective on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Finally, Needham & Company LLC reissued a “buy” rating and set a $220.00 target price on shares of Reddit in a report on Friday, March 21st. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $146.18.

Insiders Place Their Bets

In related news, COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 614,394 shares in the company, valued at approximately $124,083,012.24. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 589,794 shares of company stock valued at $86,967,644 in the last 90 days.

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.