Quinn Opportunity Partners LLC Sells 364,029 Shares of Reddit Inc. $RDDT

Quinn Opportunity Partners LLC trimmed its stake in Reddit Inc. (NYSE:RDDT) by 83.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 72,341 shares of the company’s stock after selling 364,029 shares during the quarter. Reddit makes up 1.2% of Quinn Opportunity Partners LLC’s holdings, making the stock its 13th biggest position. Quinn Opportunity Partners LLC’s holdings in Reddit were worth $16,638,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Raiffeisen Bank International AG purchased a new stake in shares of Reddit during the 3rd quarter worth approximately $25,000. GW&K Investment Management LLC purchased a new position in Reddit in the third quarter valued at approximately $30,000. Cornerstone Planning Group LLC grew its holdings in Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares during the period. Geneos Wealth Management Inc. grew its holdings in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after purchasing an additional 286 shares during the period. Finally, GAMMA Investing LLC increased its position in Reddit by 8,650.0% in the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after buying an additional 173 shares during the last quarter.

Reddit Price Performance

Shares of RDDT opened at $132.21 on Friday. The firm’s 50 day simple moving average is $177.60 and its 200 day simple moving average is $205.03. The company has a market capitalization of $25.26 billion, a P/E ratio of 50.46, a P/E/G ratio of 0.96 and a beta of 2.40. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. The business had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The business’s quarterly revenue was up 69.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.36 EPS. On average, equities analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RDDT. Piper Sandler restated an “overweight” rating and issued a $205.00 target price (down from $290.00) on shares of Reddit in a research note on Friday, February 6th. The Goldman Sachs Group cut their price target on Reddit from $236.00 to $206.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. Cantor Fitzgerald decreased their price objective on Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a report on Friday, February 6th. Jefferies Financial Group lowered their price objective on Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Truist Financial upped their price objective on shares of Reddit from $270.00 to $275.00 and gave the company a “buy” rating in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $236.00.

Insider Activity

In other news, COO Jennifer L. Wong sold 30,777 shares of Reddit stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $143.42, for a total transaction of $4,414,037.34. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at approximately $156,105,642.42. The trade was a 2.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Benjamin Seong Lee sold 5,575 shares of the company’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $143.35, for a total transaction of $799,176.25. Following the completion of the transaction, the insider owned 79,309 shares of the company’s stock, valued at $11,368,945.15. This trade represents a 6.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 433,335 shares of company stock worth $89,139,359. Corporate insiders own 34.25% of the company’s stock.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.