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

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

A number of other institutional investors and hedge funds have also recently modified their holdings of RDDT. FMR LLC raised 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 worth $801,428,000 after purchasing an additional 9,139,196 shares during the period. Jennison Associates LLC acquired a new position in shares of Reddit during the fourth quarter worth approximately $494,861,000. Point72 Asset Management L.P. raised 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 worth $151,357,000 after purchasing an additional 2,225,895 shares during the period. Holocene Advisors LP raised 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 worth $198,154,000 after purchasing an additional 1,923,109 shares during the period. Finally, Lord Abbett & CO. LLC raised its position in Reddit by 1,519.4% in the 3rd 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 Stock Down 20.9 %

NYSE:RDDT opened at $105.94 on Tuesday. The business’s 50-day moving average price is $180.42 and its two-hundred day moving average price is $131.86. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41. The stock has a market cap of $19.16 billion and a P/E ratio of -13.70.

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

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of analyst reports. Guggenheim began coverage on Reddit in a research report on Friday, December 20th. They issued a “buy” rating and a $210.00 price target for the company. Seaport Res Ptn raised Reddit to a “hold” rating in a research report on Thursday, February 6th. The Goldman Sachs Group raised 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. Morgan Stanley raised their target price on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Finally, Citigroup reaffirmed a “neutral” rating on shares of Reddit in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $175.95.

Insider Buying and Selling at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $176.20, for a total transaction of $2,466,800.00. Following the transaction, the chief executive officer now directly owns 620,971 shares of the company’s stock, valued at approximately $109,415,090.20. This trade represents a 2.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total value of $920,750.00. Following the transaction, the chief technology officer now directly owns 35,252 shares in the company, valued at approximately $6,491,655.80. This represents a 12.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 393,386 shares of company stock valued at $66,673,388 in the last 90 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.