Bank of Montreal Can Makes New Investment in Reddit, Inc. (NYSE:RDDT)

Bank of Montreal Can purchased a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 7,194 shares of the company's stock, valued at approximately $1,176,000.

Several other large investors have also bought and sold shares of the business. Ridgewood Investments LLC increased its stake in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after buying an additional 100 shares during the period. Proficio Capital Partners LLC raised its holdings in shares of Reddit by 2.1% in the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after acquiring an additional 120 shares during the last quarter. Farther Finance Advisors LLC boosted its position in shares of Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after buying an additional 147 shares during the last quarter. UMB Bank n.a. lifted its position in shares of Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock valued at $251,000 after purchasing an additional 150 shares in the last quarter. Finally, Foundations Investment Advisors LLC grew its holdings in shares of Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock valued at $870,000 after acquiring an additional 155 shares in the last quarter.

Reddit Stock Up 3.8 %

Shares of RDDT traded up $4.05 during mid-day trading on Thursday, reaching $111.22. The company's stock had a trading volume of 1,744,205 shares, compared to its average volume of 5,538,666. The business has a fifty day moving average of $125.17 and a 200 day moving average of $141.03. Reddit, Inc. has a 1 year low of $40.85 and a 1 year high of $230.41. The company has a market cap of $20.12 billion and a price-to-earnings ratio of -14.39.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates 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, analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on RDDT shares. JPMorgan Chase & Co. lowered their target price on Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Raymond James cut their price objective on Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a report on Wednesday, March 12th. The Goldman Sachs Group dropped their price target on Reddit from $185.00 to $124.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Redburn Atlantic started coverage on shares of Reddit in a research report on Monday, March 17th. They set a "sell" rating and a $75.00 price target for the company. Finally, Piper Sandler lowered their price target on shares of Reddit from $220.00 to $140.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $142.22.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the sale, the chief executive officer now owns 614,394 shares of the company's stock, valued at $124,083,012.24. This trade represents a 2.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David C. Habiger purchased 774 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average price of $130.36 per share, with a total value of $100,898.64. Following the acquisition, the director now directly owns 30,808 shares of the company's stock, valued at $4,016,130.88. This represents a 2.58 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 709,202 shares of company stock valued at $95,406,208.

Reddit Company 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.