BIT Capital GmbH Lowers Position in Reddit, Inc. (NYSE:RDDT)

BIT Capital GmbH lowered its stake in shares of Reddit, Inc. (NYSE:RDDT) by 14.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 394,105 shares of the company’s stock after selling 64,257 shares during the period. Reddit comprises approximately 5.1% of BIT Capital GmbH’s investment portfolio, making the stock its 7th biggest holding. BIT Capital GmbH’s holdings in Reddit were worth $64,413,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Plato Investment Management Ltd purchased a new position in Reddit in the fourth quarter valued at about $27,000. EverSource Wealth Advisors LLC purchased a new stake 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 purchasing an additional 100 shares during the period. Farmers & Merchants Investments Inc. purchased a new position in Reddit in the fourth quarter valued at approximately $33,000. Finally, Bogart Wealth LLC bought a new position in Reddit during the fourth quarter valued at $33,000.

Reddit Trading Down 4.3 %

Shares of NYSE RDDT opened at $120.07 on Thursday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The firm has a market capitalization of $21.72 billion and a price-to-earnings ratio of -15.53. The business has a 50-day moving average of $168.60 and a 200-day moving average of $136.54.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS 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%. On average, analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RDDT. Wells Fargo & Company upped their price target on Reddit from $206.00 to $215.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Roth Mkm downgraded shares of Reddit from a “buy” rating to a “neutral” rating and upped their price objective for the company from $116.00 to $195.00 in a report on Wednesday, January 22nd. Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. JMP Securities boosted their price target on shares of Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a research report on Thursday, February 13th. Finally, Loop Capital reaffirmed a “buy” rating and issued a $210.00 price objective on shares of Reddit in a report on Tuesday, March 11th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $167.86.

Insider Activity at Reddit

In other Reddit news, CFO Andrew Vollero sold 100,000 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $12,408,000.00. Following the completion of the transaction, the chief financial officer now directly owns 499,295 shares in the company, valued at approximately $61,952,523.60. This represents a 16.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Christopher Brian Slowe sold 11,000 shares of the firm’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $124.08, for a total transaction of $1,364,880.00. Following the completion of the sale, the chief technology officer now directly owns 281,213 shares of the company’s stock, valued at approximately $34,892,909.04. This represents a 3.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 603,794 shares of company stock worth $90,255,404 over the last quarter.

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.