Reddit Inc. $RDDT Stock Position Decreased by Portolan Capital Management LLC

Portolan Capital Management LLC decreased its holdings in shares of Reddit Inc. (NYSE:RDDT) by 36.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,550 shares of the company’s stock after selling 19,967 shares during the quarter. Portolan Capital Management LLC’s holdings in Reddit were worth $7,946,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of RDDT. Norges Bank acquired a new position in Reddit in the second quarter valued at approximately $294,254,000. Vanguard Group Inc. raised its position in shares of Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after purchasing an additional 1,401,293 shares during the period. Amundi raised its position in shares of Reddit by 2,060.5% during the 2nd quarter. Amundi now owns 1,307,231 shares of the company’s stock worth $208,294,000 after purchasing an additional 1,246,725 shares during the period. Invesco Ltd. lifted its holdings in shares of Reddit by 419.0% in the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after purchasing an additional 1,201,237 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Reddit by 138.5% in the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after purchasing an additional 1,178,890 shares during the last quarter.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 9,500 shares of the business’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $136.55, for a total transaction of $1,297,225.00. Following the sale, the chief technology officer directly owned 183,057 shares in the company, valued at approximately $24,996,433.35. The trade was a 4.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jennifer L. Wong sold 8,466 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $143.37, for a total transaction of $1,213,770.42. Following the completion of the sale, the chief operating officer directly owned 41,658 shares of the company’s stock, valued at approximately $5,972,507.46. This represents a 16.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 433,335 shares of company stock valued at $89,139,359. Corporate insiders own 34.25% of the company’s stock.

Reddit Price Performance

Shares of Reddit stock opened at $132.21 on Friday. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95. The business’s fifty day moving average price is $177.60 and its two-hundred day moving average price is $205.03. The company has a market capitalization of $25.26 billion, a P/E ratio of 50.46, a PEG ratio of 0.96 and a beta of 2.40.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.28. The company had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The company’s revenue for the quarter was up 69.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.36 earnings per share. On average, research analysts expect that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

RDDT has been the subject of a number of recent research reports. UBS Group set a $265.00 price objective on Reddit in a research note on Tuesday, January 13th. Roth Mkm raised their target price on Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a research note on Friday, January 30th. Jefferies Financial Group reduced their price target on shares of Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a report on Tuesday. Morgan Stanley set a $240.00 price target on shares of Reddit in a research report on Friday, February 6th. Finally, The Goldman Sachs Group dropped their price objective on shares of Reddit from $236.00 to $206.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $236.00.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.