Morling Financial Advisors LLC Sells 33,175 Shares of Reddit, Inc. (NYSE:RDDT)

Morling Financial Advisors LLC reduced its holdings in Reddit, Inc. (NYSE:RDDT) by 86.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,285 shares of the company’s stock after selling 33,175 shares during the quarter. Morling Financial Advisors LLC’s holdings in Reddit were worth $864,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. FMR LLC boosted its position in shares of Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after purchasing an additional 9,139,196 shares in the last quarter. Jennison Associates LLC bought a new stake in shares of Reddit during the fourth quarter valued at approximately $494,861,000. Holocene Advisors LP boosted its position in shares of Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares in the last quarter. Point72 Asset Management L.P. boosted its position in shares of Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after purchasing an additional 2,225,895 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its stake in Reddit by 1,519.4% during the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after buying an additional 1,548,450 shares during the last quarter.

Reddit Price Performance

NYSE RDDT opened at $105.94 on Tuesday. The stock has a market capitalization of $19.16 billion and a PE ratio of -13.70. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41. The business has a 50 day simple moving average of $180.42 and a two-hundred day simple moving average of $131.86.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate 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, analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. The Goldman Sachs Group lifted their price objective on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. Guggenheim assumed coverage on Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Bank of America lifted their price objective on Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Finally, Morgan Stanley lifted their price objective on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $175.95.

Insider Activity

In related news, insider Benjamin Seong Lee sold 92,299 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the sale, the insider now directly owns 115,001 shares of the company’s stock, valued at approximately $18,095,407.35. This trade represents a 44.52 % 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, 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 value of $7,834,261.60. Following the sale, the chief financial officer now directly owns 599,295 shares of the company’s stock, valued at $97,565,226. This represents a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 393,386 shares of company stock valued at $66,673,388 in the last ninety days.

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.