Reddit Inc. (NYSE:RDDT) Shares Sold by Jennison Associates LLC

Jennison Associates LLC reduced its stake in shares of Reddit Inc. (NYSE:RDDT) by 50.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,490,741 shares of the company’s stock after selling 1,537,043 shares during the period. Jennison Associates LLC owned about 0.82% of Reddit worth $156,379,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. CWM LLC lifted its position in Reddit by 100.0% in the 1st quarter. CWM LLC now owns 256 shares of the company’s stock valued at $27,000 after purchasing an additional 128 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new position in shares of Reddit in the fourth quarter worth approximately $28,000. Tucker Asset Management LLC purchased a new position in shares of Reddit in the fourth quarter worth approximately $39,000. Farther Finance Advisors LLC grew its position in Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after purchasing an additional 147 shares in the last quarter. Finally, Canton Hathaway LLC purchased a new position in Reddit during the first quarter valued at approximately $43,000.

Insider Activity

In other news, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $124.45, for a total transaction of $4,148,291.85. Following the completion of the transaction, the chief operating officer owned 1,428,007 shares in the company, valued at approximately $177,715,471.15. This represents a 2.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $151.35, for a total value of $2,118,900.00. Following the completion of the transaction, the chief executive officer owned 539,631 shares of the company’s stock, valued at approximately $81,673,151.85. This represents a 2.53% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 459,543 shares of company stock worth $54,442,014. 34.25% of the stock is owned by insiders.

Reddit Stock Performance

Reddit stock opened at $139.52 on Friday. The stock has a market capitalization of $25.74 billion, a price-to-earnings ratio of 238.59, a PEG ratio of 3.70 and a beta of 2.33. Reddit Inc. has a 52-week low of $49.13 and a 52-week high of $230.41. The stock’s 50 day moving average price is $127.19 and its two-hundred day moving average price is $139.93.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.11. The company had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. Reddit had a return on equity of 5.69% and a net margin of 8.07%. Reddit’s revenue for the quarter was up 61.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($8.19) earnings per share. On average, equities research analysts forecast that Reddit Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RDDT. Royal Bank Of Canada set a $125.00 target price on shares of Reddit and gave the company a “sector perform” rating in a research note on Wednesday, June 25th. Morgan Stanley reduced their price objective on shares of Reddit from $210.00 to $140.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. The Goldman Sachs Group boosted their target price on shares of Reddit from $124.00 to $140.00 and gave the stock a “neutral” rating in a research report on Friday, May 2nd. Sanford C. Bernstein raised shares of Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 target price on the stock in a research report on Friday, May 2nd. Finally, Robert W. Baird boosted their price target on shares of Reddit from $120.00 to $151.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $141.04.

About Reddit

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.