TB Alternative Assets Ltd. Sells 29,057 Shares of Reddit, Inc. (NYSE:RDDT)

TB Alternative Assets Ltd. reduced its stake in Reddit, Inc. (NYSE:RDDT) by 95.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,331 shares of the company’s stock after selling 29,057 shares during the period. TB Alternative Assets Ltd.’s holdings in Reddit were worth $218,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of RDDT. Renaissance Technologies LLC acquired a new position in Reddit in the 2nd quarter valued at about $13,411,000. Hsbc Holdings PLC bought a new position in shares of Reddit during the second quarter worth approximately $203,000. Marshall Wace LLP increased its stake in shares of Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after purchasing an additional 457,588 shares during the period. Alight Capital Management LP bought a new stake in Reddit in the 2nd quarter valued at $3,194,000. Finally, Maverick Capital Ltd. grew its holdings in Reddit by 147.4% in the 2nd quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock valued at $47,416,000 after buying an additional 442,145 shares in the last quarter.

Reddit Price Performance

Shares of RDDT opened at $175.57 on Tuesday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $187.69. The business’s 50 day moving average price is $158.06 and its two-hundred day moving average price is $100.81.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company’s revenue was up 67.9% compared to the same quarter last year. As a group, research analysts forecast that Reddit, Inc. will post -3.48 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $70.00 to $200.00 in a report on Monday, December 9th. Wells Fargo & Company assumed coverage on shares of Reddit in a report on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price objective for the company. Sanford C. Bernstein raised their target price on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Loop Capital boosted their price target on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Finally, Roth Mkm raised their price objective on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $148.25.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $113.13, for a total value of $1,583,820.00. Following the transaction, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $73,735,305.75. This trade represents a 2.10 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mary Porter Gale sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $114.40, for a total value of $572,000.00. Following the sale, the director now directly owns 46,459 shares of the company’s stock, valued at $5,314,909.60. This represents a 9.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 226,023 shares of company stock worth $33,730,955.

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.