Entropy Technologies LP Reduces Holdings in Reddit, Inc. (NYSE:RDDT)

Entropy Technologies LP reduced its position in Reddit, Inc. (NYSE:RDDT) by 15.6% in the 4th quarter, Holdings Channel reports. The firm owned 2,953 shares of the company’s stock after selling 547 shares during the period. Entropy Technologies LP’s holdings in Reddit were worth $483,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the company. FMR LLC increased its stake in Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after purchasing an additional 9,139,196 shares during the period. Jennison Associates LLC purchased a new stake in shares of Reddit in the fourth quarter valued at about $494,861,000. Holocene Advisors LP increased its stake 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 acquiring an additional 1,923,109 shares during the period. Point72 Asset Management L.P. lifted its position in Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after purchasing an additional 2,225,895 shares during the period. Finally, Lord Abbett & CO. LLC increased its position in Reddit by 1,519.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after purchasing an additional 1,548,450 shares during the period.

Reddit Stock Performance

RDDT stock opened at $216.96 on Thursday. The stock’s 50 day moving average is $179.35 and its two-hundred day moving average is $116.59. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. As a group, equities research analysts predict that Reddit, Inc. will post -3.45 EPS for the current fiscal year.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $125.98, for a total value of $1,763,720.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares in the company, valued at $82,110,614.50. This trade represents a 2.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Andrew Vollero sold 19,838 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $143.22, for a total value of $2,841,198.36. Following the sale, the chief financial officer now owns 703,615 shares in the company, valued at approximately $100,771,740.30. The trade was a 2.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 259,357 shares of company stock valued at $41,121,108 in the last quarter.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Citigroup raised their price objective on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Loop Capital lifted their price objective on Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. Roth Mkm lowered Reddit from a “buy” rating to a “neutral” rating and upped their target price for the company from $116.00 to $195.00 in a report on Wednesday, January 22nd. Seaport Res Ptn raised Reddit to a “hold” rating in a research note on Thursday, February 6th. Finally, The Goldman Sachs Group increased their price objective on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $162.20.

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.