Mariner LLC Has $3.54 Million Stock Position in Reddit, Inc. (NYSE:RDDT)

Mariner LLC grew its position in Reddit, Inc. (NYSE:RDDT) by 244.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,650 shares of the company’s stock after purchasing an additional 15,361 shares during the period. Mariner LLC’s holdings in Reddit were worth $3,538,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RDDT. Plato Investment Management Ltd acquired a new position in Reddit during the fourth quarter worth $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit during the 4th quarter valued at about $28,000. Ridgewood Investments LLC raised its stake in shares of Reddit by 100.0% in 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 in the last quarter. Farmers & Merchants Investments Inc. bought a new position in shares of Reddit in the 4th quarter valued at approximately $33,000. Finally, Bogart Wealth LLC bought a new stake in Reddit during the fourth quarter worth approximately $33,000.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on RDDT shares. Raymond James reduced their price objective on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a research note on Wednesday, March 12th. Wells Fargo & Company decreased their price target on shares of Reddit from $215.00 to $158.00 and set an “overweight” rating for the company in a report on Monday, March 31st. Bank of America cut their price objective on Reddit from $190.00 to $110.00 and set a “neutral” rating for the company in a research report on Wednesday, April 9th. The Goldman Sachs Group dropped their price target on Reddit from $185.00 to $124.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Finally, Citigroup lowered their price objective on shares of Reddit from $220.00 to $150.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $142.22.

Reddit Price Performance

Shares of RDDT opened at $94.28 on Tuesday. The company has a market capitalization of $17.06 billion and a P/E ratio of -12.20. Reddit, Inc. has a one year low of $40.51 and a one year high of $230.41. The business’s 50 day simple moving average is $129.04 and its 200-day simple moving average is $141.54.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, sell-side analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00. Following the transaction, the chief technology officer now owns 35,252 shares of the company’s stock, valued at approximately $6,491,655.80. This represents a 12.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares in the company, valued at $124,083,012.24. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 714,202 shares of company stock worth $96,326,958 in the last 90 days.

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.