Lazard Asset Management LLC Trims Stake in Reddit, Inc. (NYSE:RDDT)

Lazard Asset Management LLC lowered its position in Reddit, Inc. (NYSE:RDDT) by 27.1% in the 4th quarter, Holdings Channel reports. The firm owned 2,171 shares of the company’s stock after selling 807 shares during the quarter. Lazard Asset Management LLC’s holdings in Reddit were worth $353,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. LMR Partners LLP bought a new stake in shares of Reddit during the 4th quarter worth approximately $1,578,000. LRI Investments LLC purchased a new stake in Reddit in the fourth quarter worth $227,000. Laurion Capital Management LP bought a new stake in shares of Reddit during the fourth quarter worth $2,147,000. Lighthouse Investment Partners LLC bought a new stake in shares of Reddit during the fourth quarter worth $4,604,000. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in shares of Reddit during the fourth quarter valued at $1,677,000.

Insider Activity at Reddit

In related news, CAO Michelle Marie Reynolds sold 2,729 shares of the business’s stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $98.85, for a total transaction of $269,761.65. Following the transaction, the chief accounting officer now directly owns 42,277 shares in the company, valued at $4,179,081.45. The trade was a 6.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Andrew Vollero sold 48,122 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $162.80, for a total value of $7,834,261.60. Following the completion of the sale, the chief financial officer now owns 599,295 shares of the company’s stock, valued at approximately $97,565,226. This trade represents a 7.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 851,261 shares of company stock valued at $105,096,214 over the last 90 days.

Reddit Price Performance

RDDT opened at $98.66 on Friday. The firm has a market capitalization of $18.21 billion, a PE ratio of -12.76, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90. The business’s 50-day moving average is $107.45 and its two-hundred day moving average is $145.18. Reddit, Inc. has a 1 year low of $49.13 and a 1 year high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.13 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 during the quarter, compared to analyst estimates of $370.55 million. During the same period in the prior year, the firm posted ($8.19) earnings per share. The company’s quarterly revenue was up 61.5% on a year-over-year basis. As a group, sell-side analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $180.00 price target on shares of Reddit in a research note on Friday, May 2nd. Oppenheimer assumed coverage on shares of Reddit in a research report on Wednesday, April 16th. They set an “outperform” rating and a $125.00 target price on the stock. Robert W. Baird decreased their price target on shares of Reddit from $140.00 to $120.00 and set a “neutral” rating for the company in a research note on Wednesday. Loop Capital reissued a “buy” rating and issued a $210.00 price objective on shares of Reddit in a research note on Tuesday, March 11th. Finally, Needham & Company LLC raised their price objective on Reddit from $135.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $140.45.

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.