Reddit, Inc. (NYSE:RDDT) is Quinn Opportunity Partners LLC’s Largest Position

Quinn Opportunity Partners LLC reduced its stake in shares of Reddit, Inc. (NYSE:RDDT) by 1.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 449,778 shares of the company’s stock after selling 6,547 shares during the quarter. Reddit accounts for approximately 5.0% of Quinn Opportunity Partners LLC’s holdings, making the stock its largest holding. Quinn Opportunity Partners LLC owned about 0.26% of Reddit worth $73,512,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Plato Investment Management Ltd purchased a new position in Reddit in the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit in the fourth quarter worth about $28,000. Ridgewood Investments LLC boosted its holdings in 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 last quarter. Farmers & Merchants Investments Inc. purchased a new position in Reddit in the fourth quarter valued at about $33,000. Finally, Bogart Wealth LLC acquired a new stake in Reddit during the 4th quarter valued at approximately $33,000.

Reddit Trading Down 8.2 %

RDDT opened at $101.77 on Friday. The business’s 50 day moving average is $146.17 and its 200-day moving average is $139.62. The stock has a market cap of $18.41 billion and a PE ratio of -13.16. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping 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%. As a group, analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of recent analyst reports. Robert W. Baird upped their target price on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. reduced their price objective on shares of Reddit from $185.00 to $110.00 and set a “neutral” rating on the stock in a research note on Tuesday. Roth Mkm lowered shares of Reddit from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. Loop Capital restated a “buy” rating and issued a $210.00 target price on shares of Reddit in a research note on Tuesday, March 11th. Finally, Morgan Stanley lifted their price target on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average price target of $151.73.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the transaction, the chief executive officer now directly owns 577,013 shares of the company’s stock, valued at $59,593,902.64. The trade was a 2.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Andrew Vollero sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the completion of the sale, the chief financial officer now owns 499,295 shares in the company, valued at $61,952,523.60. The trade was a 16.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 603,794 shares of company stock worth $89,386,704 in the last 90 days.

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.