Vivaldi Capital Management LP Trims Stock Position in Reddit, Inc. (NYSE:RDDT)

Vivaldi Capital Management LP lowered its stake in shares of Reddit, Inc. (NYSE:RDDT) by 80.2% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 3,095 shares of the company’s stock after selling 12,570 shares during the period. Vivaldi Capital Management LP’s holdings in Reddit were worth $560,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Jennison Associates LLC purchased a new position in shares of Reddit during the 4th quarter valued at about $494,861,000. Renaissance Capital LLC raised its stake in shares of Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after buying an additional 3,892 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after buying an additional 139,135 shares during the last quarter. Assetmark Inc. raised its stake in shares of Reddit by 1,537,566.7% during the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock valued at $7,539,000 after buying an additional 46,127 shares during the last quarter. Finally, Chung Wu Investment Group LLC purchased a new position in shares of Reddit during the 4th quarter valued at about $327,000.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RDDT. JMP Securities reiterated a “market outperform” rating and set a $180.00 price objective on shares of Reddit in a research note on Friday, May 2nd. B. Riley reiterated a “buy” rating and set a $220.00 price objective (down previously from $222.00) on shares of Reddit in a research note on Friday, May 2nd. JPMorgan Chase & Co. cut their price target on Reddit from $185.00 to $110.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. Loop Capital restated a “buy” rating and issued a $210.00 price target on shares of Reddit in a research note on Tuesday, March 11th. Finally, Morgan Stanley cut their price target on Reddit from $210.00 to $140.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus price target of $141.36.

Insider Transactions at Reddit

In other news, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the transaction, the chief operating officer now directly owns 1,466,119 shares in the company, valued at $137,800,524.81. The trade was a 2.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David C. Habiger bought 774 shares of the stock in a transaction dated Wednesday, March 12th. The shares were bought at an average price of $130.36 per share, for a total transaction of $100,898.64. Following the completion of the acquisition, the director now owns 30,808 shares in the company, valued at approximately $4,016,130.88. The trade was a 2.58% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 802,345 shares of company stock worth $101,207,606 in the last ninety days.

Reddit Trading Down 4.6%

RDDT stock opened at $108.04 on Tuesday. Reddit, Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The stock has a market cap of $19.94 billion, a price-to-earnings ratio of -13.98, a PEG ratio of 4.72 and a beta of 2.90. The business’s 50-day moving average is $108.94 and its 200 day moving average is $145.87.

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

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.