Reddit Inc. $RDDT Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its holdings in shares of Reddit Inc. (NYSE:RDDT) by 15.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 333,516 shares of the company’s stock after selling 62,066 shares during the period. Bank of New York Mellon Corp’s holdings in Reddit were worth $76,665,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RDDT. Raiffeisen Bank International AG acquired a new position in Reddit during the third quarter worth $25,000. GW&K Investment Management LLC acquired a new position in Reddit during the third quarter worth $30,000. LOM Asset Management Ltd acquired a new position in Reddit during the fourth quarter worth $33,000. Noble Wealth Management PBC acquired a new stake in Reddit in the fourth quarter valued at $34,000. Finally, Geneos Wealth Management Inc. grew its holdings in Reddit by 344.6% in 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 last quarter.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Piper Sandler reissued an “overweight” rating and issued a $215.00 target price (up from $205.00) on shares of Reddit in a report on Friday, May 1st. Zacks Research lowered Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Rothschild & Co Redburn set a $110.00 target price on Reddit in a report on Monday, April 27th. Citigroup reissued a “market outperform” rating on shares of Reddit in a report on Tuesday, May 26th. Finally, Jefferies Financial Group lowered their target price on Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Eighteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $230.75.

Reddit Stock Up 4.4%

Shares of NYSE:RDDT opened at $178.62 on Wednesday. Reddit Inc. has a 52-week low of $110.85 and a 52-week high of $282.95. The stock’s fifty day simple moving average is $155.13 and its 200-day simple moving average is $177.12. The company has a market capitalization of $34.39 billion, a P/E ratio of 51.03 and a beta of 1.91.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm had revenue of $663.41 million for the quarter, compared to the consensus estimate of $607.74 million. During the same period in the prior year, the business posted $0.13 earnings per share. The firm’s revenue for the quarter was up 69.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Reddit Inc. will post 4.83 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $132.77, for a total value of $2,389,860.00. Following the transaction, the chief executive officer owned 411,195 shares in the company, valued at approximately $54,594,360.15. This trade represents a 4.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the firm’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total value of $2,335,385.00. Following the completion of the transaction, the chief technology officer owned 38,413 shares in the company, valued at approximately $5,787,686.71. This trade represents a 28.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 250,499 shares of company stock valued at $38,515,283. 28.48% of the stock is currently owned by company insiders.

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.