Alliancebernstein L.P. Sells 2,232,345 Shares of Reddit Inc. $RDDT
Alliancebernstein L.P. lessened its position in Reddit Inc. (NYSE:RDDT - Free Report) by 39.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,427,645 shares of the company's stock after selling 2,232,345 shares during the quarter. Alliancebernstein L.P. owned approximately 1.83% of Reddit worth $516,101,000 as of its most recent filing with the Securities & Exchange Commission. Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RDDT. Financial Perspectives Inc purchased a new position in Reddit during the second quarter valued at $34,000. Geneos Wealth Management Inc. grew its position in shares of Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock worth $39,000 after buying an additional 286 shares during the period. Advisors Asset Management Inc. increased its stake in shares of Reddit by 68.2% in the 2nd quarter. Advisors Asset Management Inc. now owns 365 shares of the company's stock worth $55,000 after acquiring an additional 148 shares in the last quarter. Western Pacific Wealth Management LP purchased a new position in Reddit during the 2nd quarter valued at about $60,000. Finally, WPG Advisers LLC bought a new stake in Reddit during the first quarter worth about $74,000. Insider ActivityIn other news, CEO Steve Ladd Huffman sold 18,000 shares of the firm's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $261.22, for a total value of $4,701,960.00. Following the transaction, the chief executive officer directly owned 494,104 shares in the company, valued at $129,069,846.88. This trade represents a 3.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CTO Christopher Brian Slowe sold 24,000 shares of the firm's stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $192.72, for a total value of $4,625,280.00. Following the completion of the transaction, the chief technology officer directly owned 175,694 shares in the company, valued at $33,859,747.68. The trade was a 12.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 405,619 shares of company stock valued at $85,742,898 in the last ninety days. 34.25% of the stock is currently owned by company insiders. Wall Street Analyst Weigh InA number of equities analysts have weighed in on the stock. Truist Financial set a $270.00 target price on shares of Reddit in a research note on Friday, October 31st. Weiss Ratings restated a "hold (c-)" rating on shares of Reddit in a research note on Monday. Zacks Research raised Reddit from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 29th. Wells Fargo & Company boosted their target price on Reddit from $155.00 to $174.00 and gave the stock a "cautious" rating in a report on Tuesday, October 7th. Finally, Roth Capital set a $210.00 target price on Reddit in a research note on Friday, October 31st. Three analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $230.28.Check Out Our Latest Research Report on RedditReddit Stock PerformanceRDDT opened at $232.85 on Friday. The company's 50-day simple moving average is $205.97 and its two-hundred day simple moving average is $190.15. The stock has a market capitalization of $44.13 billion, a P/E ratio of 133.82, a P/E/G ratio of 2.63 and a beta of 2.17. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95. Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.30. The firm had revenue of $584.91 million during the quarter, compared to analysts' expectations of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The firm's quarterly revenue was up 67.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.16 earnings per share. Research analysts forecast that Reddit Inc. will post 1.12 EPS for the current fiscal year. Reddit Company Profile (Free Report)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.Featured ArticlesThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Before you consider Reddit, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. 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