Long Walk Management LP Sells 550,500 Shares of Reddit, Inc. (NYSE:RDDT)

Long Walk Management LP decreased its position in shares of Reddit, Inc. (NYSE:RDDT) by 77.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 164,500 shares of the company’s stock after selling 550,500 shares during the period. Reddit accounts for about 9.8% of Long Walk Management LP’s investment portfolio, making the stock its 5th largest holding. Long Walk Management LP owned 0.09% of Reddit worth $26,886,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in RDDT. Entropy Technologies LP bought a new stake in shares of Reddit in the 3rd quarter worth $231,000. Sumitomo Mitsui Trust Group Inc. grew its holdings in Reddit by 64.9% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 512,871 shares of the company’s stock worth $33,808,000 after acquiring an additional 201,776 shares during the period. Victory Capital Management Inc. raised its position in Reddit by 903.8% in the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after acquiring an additional 453,894 shares in the last quarter. Claro Advisors LLC bought a new stake in Reddit in the third quarter worth about $1,879,000. Finally, Prospera Financial Services Inc acquired a new stake in Reddit in the 3rd quarter valued at about $248,000.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. JMP Securities lifted their price objective on shares of Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 13th. B. Riley lifted their price target on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Morgan Stanley increased their price objective on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Piper Sandler lifted their target price on Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Finally, Roth Capital lowered Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and a consensus price target of $173.45.

Reddit Stock Up 5.1 %

Reddit stock opened at $127.71 on Friday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The stock has a market cap of $23.10 billion and a P/E ratio of -16.52. The company’s fifty day simple moving average is $177.06 and its 200-day simple moving average is $133.22.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, equities research analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $124,083,012.24. The trade was a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benjamin Seong Lee sold 92,299 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was 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 approximately $18,095,407.35. This trade represents a 44.52 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 393,386 shares of company stock worth $66,673,388.

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.