Polymer Capital Management HK LTD Sells 56,721 Shares of Reddit, Inc. (NYSE:RDDT)

Polymer Capital Management HK LTD cut its position in Reddit, Inc. (NYSE:RDDT) by 79.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,579 shares of the company’s stock after selling 56,721 shares during the quarter. Polymer Capital Management HK LTD’s holdings in Reddit were worth $2,383,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RDDT. Vanguard Group Inc. lifted its holdings in shares of Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after buying an additional 5,950,909 shares in the last quarter. Jennison Associates LLC bought a new stake in Reddit in the fourth quarter worth $494,861,000. Alliancebernstein L.P. boosted its holdings in Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after acquiring an additional 2,537,768 shares during the period. Brooklyn FI LLC purchased a new position in shares of Reddit in the fourth quarter worth $303,082,000. Finally, GQG Partners LLC bought a new position in shares of Reddit during the fourth quarter valued at about $271,539,000.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RDDT. Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 target price on shares of Reddit in a research note on Friday, March 21st. Raymond James cut their price target on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a report on Wednesday, March 12th. Citigroup reaffirmed an “outperform” rating on shares of Reddit in a report on Friday, March 28th. JPMorgan Chase & Co. upped their price target on shares of Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Finally, The Goldman Sachs Group lifted their target price on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $163.00.

Reddit Price Performance

RDDT opened at $86.72 on Friday. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41. The stock has a market cap of $15.69 billion and a P/E ratio of -11.22. The stock’s 50 day simple moving average is $157.86 and its 200 day simple moving average is $138.72.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Research analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Transactions at Reddit

In related news, CFO Andrew Vollero sold 48,122 shares of Reddit stock in a transaction dated Monday, February 24th. The shares were 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 in the company, valued at $97,565,226. This trade represents a 7.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 124,408 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $127.36, for a total value of $15,844,602.88. Following the completion of the transaction, the chief executive officer now directly owns 583,515 shares of the company’s stock, valued at approximately $74,316,470.40. The trade was a 17.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 603,794 shares of company stock valued at $89,386,704 over the last 90 days.

Reddit Company 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.