Entropy Technologies LP Sells 547 Shares of Reddit, Inc. (NYSE:RDDT)

Entropy Technologies LP cut its holdings in Reddit, Inc. (NYSE:RDDT) by 15.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,953 shares of the company’s stock after selling 547 shares during the quarter. Entropy Technologies LP’s holdings in Reddit were worth $483,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in RDDT. Ridgewood Investments LLC grew its stake 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 shares of Reddit in the 4th quarter worth approximately $33,000. Spire Wealth Management bought a new position in shares of Reddit during the 4th quarter worth approximately $35,000. Blue Trust Inc. acquired a new stake in Reddit in the fourth quarter valued at approximately $59,000. Finally, New Wave Wealth Advisors LLC acquired a new stake in Reddit in the fourth quarter valued at approximately $69,000.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on RDDT shares. JMP Securities boosted their target price on Reddit from $160.00 to $190.00 and gave the stock a “market outperform” rating in a research note on Monday, January 27th. Guggenheim initiated coverage on shares of Reddit in a report on Friday, December 20th. They set a “buy” rating and a $210.00 price objective on the stock. Raymond James lifted their target price on shares of Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a research note on Monday. Bank of America upped their target price on Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a research report on Wednesday, January 8th. Finally, B. Riley boosted their price target on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $162.20.

Insider Buying and Selling

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $124,083,012.24. This trade represents a 2.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $128.13, for a total value of $4,270,957.29. Following the completion of the transaction, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $197,635,015.41. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 259,357 shares of company stock valued at $41,121,108 in the last three months.

Reddit Price Performance

RDDT opened at $216.96 on Thursday. The stock’s 50-day moving average price is $179.35 and its 200 day moving average price is $116.59. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. Analysts expect that Reddit, Inc. will post -3.45 earnings per share for the current fiscal 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.