Bridgefront Capital LLC Lowers Stock Position in Reddit, Inc. (NYSE:RDDT)

Bridgefront Capital LLC decreased its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 64.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,284 shares of the company’s stock after selling 4,120 shares during the period. Bridgefront Capital LLC’s holdings in Reddit were worth $373,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Plato Investment Management Ltd acquired a new position in Reddit during the fourth quarter worth $27,000. EverSource Wealth Advisors LLC purchased a new position in shares of Reddit in the 4th quarter valued at about $28,000. Ridgewood Investments LLC lifted its stake in shares of Reddit by 100.0% in 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 period. Farmers & Merchants Investments Inc. acquired a new position in Reddit during the fourth quarter worth about $33,000. Finally, Bogart Wealth LLC purchased a new position in Reddit in the fourth quarter valued at about $33,000.

Insider Buying and Selling

In other news, CFO Andrew Vollero sold 48,122 shares of the business’s stock in a transaction on 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 transaction, the chief financial officer now directly owns 599,295 shares of the company’s stock, valued at approximately $97,565,226. The trade was a 7.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Benjamin Seong Lee sold 92,299 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the sale, the insider now owns 115,001 shares of the company’s stock, valued at $18,095,407.35. This represents a 44.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 711,270 shares of company stock valued at $94,239,985.

Reddit Price Performance

NYSE RDDT opened at $109.88 on Wednesday. Reddit, Inc. has a 1-year low of $47.40 and a 1-year high of $230.41. The firm has a market capitalization of $19.88 billion, a P/E ratio of -14.22, a P/E/G ratio of 4.72 and a beta of 2.90. The business’s 50-day simple moving average is $114.79 and its 200-day simple moving average is $144.15.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The firm had revenue of $392.36 million for the quarter, compared to analysts’ expectations of $370.55 million. During the same period in the previous year, the company posted ($8.19) earnings per share. Reddit’s revenue was up 61.5% compared to the same quarter last year. On average, equities research analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on RDDT shares. Seaport Res Ptn raised Reddit from a “hold” rating to a “strong-buy” rating in a report on Monday. The Goldman Sachs Group increased their price objective on shares of Reddit from $124.00 to $140.00 and gave the company a “neutral” rating in a research note on Friday, May 2nd. Redburn Partners set a $75.00 price target on shares of Reddit in a report on Monday, March 17th. B. Riley reissued a “buy” rating and set a $220.00 price objective (down from $222.00) on shares of Reddit in a research note on Friday, May 2nd. Finally, Loop Capital reiterated a “buy” rating and set a $210.00 target price on shares of Reddit in a report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $142.30.

Reddit Company 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.