Corient Private Wealth LLC Sells 1,200 Shares of Reddit, Inc. (NYSE:RDDT)

Corient Private Wealth LLC reduced its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 36.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,126 shares of the company’s stock after selling 1,200 shares during the period. Corient Private Wealth LLC’s holdings in Reddit were worth $347,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Plato Investment Management Ltd bought a new position in shares of Reddit during the fourth quarter valued at $27,000. EverSource Wealth Advisors LLC purchased a new position in Reddit during the fourth quarter valued at $28,000. Ridgewood Investments LLC grew its stake in shares of Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares during the period. Farmers & Merchants Investments Inc. purchased a new stake in shares of Reddit in the fourth quarter worth $33,000. Finally, Bogart Wealth LLC purchased a new stake in Reddit in the 4th quarter worth $33,000.

Reddit Stock Performance

Shares of RDDT opened at $107.57 on Monday. The stock has a 50 day moving average price of $165.95 and a 200 day moving average price of $137.81. The stock has a market capitalization of $19.46 billion and a price-to-earnings ratio of -13.92. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41.

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

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 11,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $124.08, for a total transaction of $1,364,880.00. Following the completion of the sale, the chief technology officer now owns 281,213 shares in the company, valued at approximately $34,892,909.04. The trade was a 3.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Andrew Vollero sold 100,000 shares of the business’s stock in a transaction on Monday, March 24th. The shares were 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 directly owns 499,295 shares of the company’s stock, valued at approximately $61,952,523.60. This trade represents a 16.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 603,794 shares of company stock worth $90,255,404 in the last ninety days.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Roth Mkm downgraded Reddit from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Morgan Stanley upped their target price on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Loop Capital reaffirmed a “buy” rating and issued a $210.00 price target on shares of Reddit in a research note on Tuesday, March 11th. JMP Securities set a $155.00 target price on Reddit in a report on Friday. Finally, Seaport Res Ptn raised shares of Reddit to a “hold” rating in a research report on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $165.71.

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.