Parallel Advisors LLC Sells 104 Shares of Reddit, Inc. (NYSE:RDDT)

Parallel Advisors LLC trimmed its position in shares of Reddit, Inc. (NYSE:RDDT) by 1.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,404 shares of the company’s stock after selling 104 shares during the quarter. Parallel Advisors LLC’s holdings in Reddit were worth $1,210,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Jennison Associates LLC bought a new stake in Reddit during the 4th quarter valued at approximately $494,861,000. Renaissance Capital LLC boosted its position in Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after acquiring an additional 3,892 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after acquiring an additional 139,135 shares in the last quarter. Assetmark Inc. boosted its position in Reddit by 1,537,566.7% during the 4th 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, Wellington Management Group LLP boosted its position in Reddit by 3,640.5% during the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after acquiring an additional 248,499 shares in the last quarter.

Reddit Price Performance

Shares of RDDT stock opened at $109.62 on Thursday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41. The firm has a fifty day moving average price of $173.50 and a 200-day moving average price of $134.41. The company has a market cap of $19.83 billion and a price-to-earnings ratio of -14.18.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share 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%. Equities research analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on RDDT. Wells Fargo & Company lifted their target price on shares of Reddit from $206.00 to $215.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Morgan Stanley boosted their price objective on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Robert W. Baird boosted their price objective on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Redburn Partners set a $75.00 price objective on shares of Reddit in a report on Monday. Finally, Loop Capital restated a “buy” rating and issued a $210.00 price objective on shares of Reddit in a report on Tuesday, March 11th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $164.50.

Insider Buying and Selling

In other news, CAO Michelle Marie Reynolds sold 11,965 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the sale, the chief accounting officer now directly owns 48,418 shares in the company, valued at approximately $7,621,477.38. This represents a 19.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the sale, the chief operating officer now owns 1,466,119 shares in the company, valued at $183,587,421.18. This represents a 2.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 503,794 shares of company stock valued at $78,350,874.

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.