Parallel Advisors LLC Trims Stake in Reddit, Inc. (NYSE:RDDT)

Parallel Advisors LLC reduced its position in Reddit, Inc. (NYSE:RDDT) by 1.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,404 shares of the company’s stock after selling 104 shares during the quarter. Parallel Advisors LLC’s holdings in Reddit were worth $1,210,000 as of its most recent SEC filing.

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

Reddit Stock Performance

Shares of RDDT opened at $109.62 on Thursday. The stock has a 50-day simple moving average of $173.50 and a 200-day simple moving average of $134.41. The stock has a market capitalization of $19.83 billion and a PE ratio of -14.18. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41.

Reddit (NYSE:RDDT) last issued its earnings results 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%. Analysts predict that Reddit, Inc. will post 1.12 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 124,408 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $127.36, for a total value of $15,844,602.88. Following the transaction, the chief executive officer now owns 583,515 shares of the company’s stock, valued at approximately $74,316,470.40. The trade was a 17.57 % 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, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $125.22, for a total value of $4,173,958.26. Following the completion of the sale, the chief operating officer now owns 1,466,119 shares in the company, valued at approximately $183,587,421.18. This trade represents a 2.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 503,794 shares of company stock valued at $78,350,874 over the last quarter.

Analysts Set New Price Targets

RDDT has been the subject of a number of recent analyst reports. Bank of America lifted their price objective on shares of Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Roth Mkm lowered shares of Reddit from a “buy” rating to a “neutral” rating and lifted their target price for the company from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Morgan Stanley increased their price target on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. JMP Securities raised their target price on Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 13th. Finally, Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $164.50.

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.