Jump Financial LLC Trims Position in Reddit, Inc. (NYSE:RDDT)

Jump Financial LLC cut its position in shares of Reddit, Inc. (NYSE:RDDT) by 70.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 101,073 shares of the company’s stock after selling 235,332 shares during the period. Jump Financial LLC’s holdings in Reddit were worth $16,519,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of RDDT. Jennison Associates LLC acquired a new position in shares of Reddit in the 4th quarter worth approximately $494,861,000. Renaissance Capital LLC boosted its position in Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after buying an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Reddit by 27.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock worth $105,003,000 after acquiring an additional 139,135 shares in the last quarter. Assetmark Inc. raised its stake in shares of Reddit by 1,537,566.7% in the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock valued at $7,539,000 after acquiring an additional 46,127 shares in the last quarter. Finally, Chung Wu Investment Group LLC purchased a new position in Reddit in the fourth quarter valued at $327,000.

Wall Street Analysts Forecast Growth

RDDT has been the subject of a number of analyst reports. Roth Mkm downgraded Reddit from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Robert W. Baird lifted their price target on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Raymond James cut their target price on Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, March 12th. Redburn Partners set a $75.00 price objective on shares of Reddit in a research report on Monday, March 17th. Finally, Wells Fargo & Company dropped their price objective on Reddit from $215.00 to $158.00 and set an “overweight” rating on the stock in a report on Monday, March 31st. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $146.18.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the completion of the sale, the chief executive officer now directly owns 577,013 shares of the company’s stock, valued at approximately $59,593,902.64. This represents a 2.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the sale, the chief accounting officer now owns 48,418 shares of the company’s stock, valued at approximately $7,621,477.38. The trade was a 19.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 603,794 shares of company stock valued at $89,386,704 in the last three months.

Reddit Stock Performance

RDDT stock opened at $98.04 on Tuesday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41. The stock’s fifty day moving average is $141.43 and its two-hundred day moving average is $140.58. The stock has a market capitalization of $17.74 billion and a price-to-earnings ratio of -12.68.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping 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%. As a group, analysts predict that Reddit, Inc. will post 1.12 EPS 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.