Wellington Management Group LLP Reduces Holdings in Reddit, Inc. (NYSE:RDDT)

Wellington Management Group LLP cut its position in Reddit, Inc. (NYSE:RDDT) by 93.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 15,999 shares of the company’s stock after selling 239,326 shares during the quarter. Wellington Management Group LLP’s holdings in Reddit were worth $2,615,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Jennison Associates LLC purchased a new position in Reddit in the 4th quarter valued at about $494,861,000. Renaissance Capital LLC boosted its holdings in Reddit by 14.2% in the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after purchasing an additional 3,892 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Reddit by 27.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after purchasing an additional 139,135 shares during the last quarter. Assetmark Inc. grew its stake in 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 purchasing an additional 46,127 shares in the last quarter. Finally, Chung Wu Investment Group LLC purchased a new stake in Reddit during the 4th quarter worth approximately $327,000.

Analysts Set New Price Targets

RDDT has been the subject of several research analyst reports. Raymond James reduced their target price on Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a research note on Wednesday, March 12th. 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 report on Tuesday, April 8th. Needham & Company LLC restated a “buy” rating and issued a $220.00 target price on shares of Reddit in a research note on Friday, March 21st. Wells Fargo & Company decreased their price target on Reddit from $215.00 to $158.00 and set an “overweight” rating for the company in a research note on Monday, March 31st. Finally, Redburn Partners set a $75.00 price objective on Reddit in a research note on Monday, March 17th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $151.73.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $103.28, for a total value of $1,445,920.00. Following the completion of the transaction, the chief executive officer now directly owns 577,013 shares in the company, valued at $59,593,902.64. This trade represents a 2.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Andrew Vollero sold 48,122 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the sale, the chief financial officer now directly owns 599,295 shares in the company, valued at approximately $97,565,226. The trade was a 7.43 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 603,794 shares of company stock valued at $89,386,704.

Reddit Stock Down 1.0 %

Reddit stock opened at $101.01 on Friday. The firm has a 50-day moving average price of $143.88 and a two-hundred day moving average price of $139.85. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The firm has a market capitalization of $18.27 billion and a price-to-earnings ratio of -13.07.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Research analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current 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.