Interval Partners LP Sells 261,219 Shares of Reddit, Inc. (NYSE:RDDT)

Interval Partners LP trimmed its stake in Reddit, Inc. (NYSE:RDDT) by 89.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,473 shares of the company’s stock after selling 261,219 shares during the quarter. Interval Partners LP’s holdings in Reddit were worth $5,144,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in RDDT. FMR LLC lifted its holdings in Reddit by 7.5% in the fourth quarter. FMR LLC now owns 13,070,780 shares of the company’s stock valued at $2,136,288,000 after acquiring an additional 913,189 shares during the period. Vanguard Group Inc. lifted its holdings in Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after acquiring an additional 5,950,909 shares during the period. Jennison Associates LLC bought a new position in Reddit in the fourth quarter valued at about $494,861,000. Alliancebernstein L.P. lifted its holdings in Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after acquiring an additional 2,537,768 shares during the period. Finally, Lord Abbett & CO. LLC lifted its holdings in Reddit by 12.8% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company’s stock valued at $304,325,000 after acquiring an additional 211,636 shares during the period.

Reddit Stock Performance

Shares of Reddit stock opened at $108.35 on Monday. The stock has a market cap of $19.60 billion, a price-to-earnings ratio of -14.02, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90. The stock has a 50 day moving average price of $111.54 and a 200-day moving average price of $145.23. Reddit, Inc. has a one year low of $49.13 and a one year high of $230.41.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.11. The firm had revenue of $392.36 million during the quarter, compared to analysts’ expectations of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The company’s quarterly revenue was up 61.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($8.19) EPS. Sell-side analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Roth Capital reissued a “neutral” rating on shares of Reddit in a report on Friday, May 2nd. Redburn Partners set a $75.00 price target on Reddit in a research report on Monday, March 17th. Redburn Atlantic started coverage on Reddit in a research report on Monday, March 17th. They issued a “sell” rating and a $75.00 price target for the company. JMP Securities restated a “market outperform” rating and issued a $180.00 price target on shares of Reddit in a research report on Friday, May 2nd. Finally, Piper Sandler restated an “overweight” rating and issued a $150.00 price target (up previously from $140.00) on shares of Reddit in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $140.35.

Insider Buying and Selling

In related news, CFO Andrew Vollero sold 48,122 shares of the firm’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 transaction of $7,834,261.60. Following the completion of the sale, the chief financial officer now directly owns 599,295 shares of the company’s stock, valued at approximately $97,565,226. This trade represents a 7.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $187.78, for a total value of $2,628,920.00. Following the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $115,370,905.32. This represents a 2.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 725,270 shares of company stock valued at $95,789,365.

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.