Granahan Investment Management LLC Lowers Stake in Reddit, Inc. (NYSE:RDDT)

Granahan Investment Management LLC cut its stake in Reddit, Inc. (NYSE:RDDT) by 15.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 154,249 shares of the company’s stock after selling 27,546 shares during the quarter. Granahan Investment Management LLC owned about 0.09% of Reddit worth $25,210,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Watts Gwilliam & Co. LLC bought a new stake in Reddit during the fourth quarter valued at about $337,000. Ridgewood Investments LLC boosted 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 valued at $33,000 after buying an additional 100 shares in the last quarter. Westmount Partners LLC bought a new stake in shares of Reddit in the 4th quarter valued at about $391,000. Sivia Capital Partners LLC grew its position in shares of Reddit by 277.6% in the 4th quarter. Sivia Capital Partners LLC now owns 184,577 shares of the company’s stock worth $30,167,000 after buying an additional 135,700 shares during the last quarter. Finally, AdvisorNet Financial Inc raised its stake in shares of Reddit by 41.9% during the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock worth $111,000 after acquiring an additional 201 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RDDT. Bank of America reduced their price target on Reddit from $190.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 9th. Roth Capital reaffirmed a “neutral” rating on shares of Reddit in a research report on Friday, May 2nd. The Goldman Sachs Group raised their price target on Reddit from $124.00 to $140.00 and gave the stock a “neutral” rating in a report on Friday, May 2nd. B. Riley restated a “buy” rating and set a $220.00 price target (down previously from $222.00) on shares of Reddit in a research note on Friday, May 2nd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Reddit from $185.00 to $110.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average target price of $140.35.

Reddit Stock Performance

Reddit stock opened at $108.35 on Friday. The stock has a market capitalization of $19.60 billion, a P/E ratio of -14.02, a P/E/G ratio of 4.72 and a beta of 2.90. The company’s fifty day moving average price is $111.54 and its 200 day moving average price is $144.30. Reddit, Inc. has a 1 year low of $49.13 and a 1 year high of $230.41.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same quarter last year, the business earned ($8.19) earnings per share. The company’s revenue for the quarter was up 61.5% compared to the same quarter last year. Sell-side analysts predict that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $187.72, for a total transaction of $6,257,270.76. Following the completion of the sale, the chief operating officer now directly owns 1,504,297 shares in the company, valued at approximately $282,386,632.84. The trade was a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 124,408 shares of the firm’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $127.36, for a total value of $15,844,602.88. Following the completion of the transaction, the chief executive officer now owns 583,515 shares in the company, valued at $74,316,470.40. The trade was a 17.57 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 725,270 shares of company stock worth $95,789,365.

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.