Quantbot Technologies LP Sells 34,555 Shares of Reddit Inc. $RDDT

Quantbot Technologies LP lowered its holdings in Reddit Inc. (NYSE:RDDT) by 97.7% during the 3rd quarter, Holdings Channel reports. The firm owned 800 shares of the company’s stock after selling 34,555 shares during the period. Quantbot Technologies LP’s holdings in Reddit were worth $184,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Raiffeisen Bank International AG bought a new stake in shares of Reddit during the 3rd quarter worth $25,000. Cornerstone Planning Group LLC grew its position in Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after buying an additional 135 shares during the period. Geneos Wealth Management Inc. increased its holdings in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 shares during the last quarter. GAMMA Investing LLC increased its holdings in Reddit by 8,650.0% during the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after buying an additional 173 shares during the last quarter. Finally, Cloud Capital Management LLC bought a new stake in Reddit in the third quarter worth about $47,000.

Insiders Place Their Bets

In other news, COO Jennifer L. Wong sold 39,167 shares of the business’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $234.37, for a total transaction of $9,179,569.79. Following the completion of the transaction, the chief operating officer owned 1,184,528 shares of the company’s stock, valued at approximately $277,617,827.36. The trade was a 3.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sarah E. Farrell acquired 43,800 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The stock was bought at an average price of $149.52 per share, for a total transaction of $6,548,976.00. Following the completion of the transaction, the director owned 43,800 shares of the company’s stock, valued at $6,548,976. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders sold 433,335 shares of company stock worth $89,139,359. 34.25% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RDDT. Piper Sandler reiterated an “overweight” rating and issued a $205.00 target price (down from $290.00) on shares of Reddit in a research note on Friday, February 6th. JPMorgan Chase & Co. lowered their price target on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. Argus set a $300.00 price objective on Reddit in a research note on Friday, January 9th. Truist Financial increased their price objective on Reddit from $270.00 to $275.00 and gave the company a “buy” rating in a report on Friday, February 6th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $285.00 target price on shares of Reddit in a research report on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $236.00.

Reddit Price Performance

RDDT opened at $137.24 on Thursday. The firm has a market capitalization of $26.22 billion, a P/E ratio of 52.38, a price-to-earnings-growth ratio of 0.98 and a beta of 2.40. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95. The company has a fifty day moving average price of $181.75 and a 200-day moving average price of $206.15.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. The company had revenue of $725.61 million for the quarter, compared to the consensus estimate of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The firm’s revenue was up 69.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.36 earnings per share. On average, analysts expect that Reddit Inc. will post 1.12 earnings per share for the current year.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.