Reddit Inc. $RDDT Position Lessened by Grantham Mayo Van Otterloo & Co. LLC

Grantham Mayo Van Otterloo & Co. LLC decreased its position in shares of Reddit Inc. (NYSE:RDDT) by 46.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,195 shares of the company’s stock after selling 4,559 shares during the period. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Reddit were worth $1,195,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of RDDT. Baltimore Washington Financial Advisors Inc. raised its stake in shares of Reddit by 32.8% during the 3rd quarter. Baltimore Washington Financial Advisors Inc. now owns 4,044 shares of the company’s stock worth $930,000 after purchasing an additional 999 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Reddit by 83.4% in the 3rd quarter. First Trust Advisors LP now owns 310,763 shares of the company’s stock valued at $71,472,000 after buying an additional 141,311 shares in the last quarter. Neuberger Berman Group LLC raised its position in Reddit by 78.3% during the third quarter. Neuberger Berman Group LLC now owns 642,124 shares of the company’s stock valued at $147,682,000 after acquiring an additional 282,063 shares in the last quarter. Crossmark Global Holdings Inc. bought a new position in Reddit during the third quarter valued at approximately $259,000. Finally, GW&K Investment Management LLC bought a new position in Reddit during the third quarter valued at approximately $30,000.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 30,777 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $143.42, for a total transaction of $4,414,037.34. Following the completion of the sale, the chief operating officer owned 1,088,451 shares in the company, valued at $156,105,642.42. This represents a 2.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Michelle Marie Reynolds sold 2,291 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $143.59, for a total value of $328,964.69. Following the completion of the sale, the chief accounting officer directly owned 17,133 shares in the company, valued at $2,460,127.47. This trade represents a 11.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 433,335 shares of company stock valued at $89,139,359 in the last quarter. Insiders own 34.25% of the company’s stock.

Reddit Trading Up 2.3%

NYSE RDDT opened at $137.24 on Thursday. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95. The company has a fifty day simple moving average of $181.75 and a 200 day simple moving average of $206.15. The company has a market cap of $26.22 billion, a P/E ratio of 52.38, a P/E/G ratio of 0.98 and a beta of 2.40.

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

Analyst Upgrades and Downgrades

RDDT has been the topic of a number of recent research reports. Wells Fargo & Company set a $196.00 price target on shares of Reddit in a report on Monday, February 9th. JPMorgan Chase & Co. decreased their price objective on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a report on Friday, February 6th. The Goldman Sachs Group lowered their target price on shares of Reddit from $236.00 to $206.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. Roth Mkm boosted their price target on Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a research report on Friday, January 30th. Finally, Argus set a $300.00 price target on Reddit in a research note on Friday, January 9th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $236.00.

Reddit 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.