Comerica Bank Purchases 3,669 Shares of Reddit, Inc. (NYSE:RDDT)

Comerica Bank raised its position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 122,300.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,672 shares of the company's stock after acquiring an additional 3,669 shares during the quarter. Comerica Bank's holdings in Reddit were worth $600,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Plato Investment Management Ltd bought a new stake in Reddit during the fourth quarter valued at $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit during the fourth quarter valued at about $28,000. Farmers & Merchants Investments Inc. acquired a new position in shares of Reddit during the fourth quarter valued at about $33,000. Bogart Wealth LLC acquired a new position in shares of Reddit during the fourth quarter valued at about $33,000. Finally, Spire Wealth Management acquired a new position in shares of Reddit during the fourth quarter valued at about $35,000.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $110.67, for a total transaction of $1,549,380.00. Following the completion of the transaction, the chief executive officer now directly owns 577,013 shares of the company's stock, valued at $63,858,028.71. This represents a 2.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David C. Habiger bought 774 shares of Reddit stock in a transaction dated Wednesday, March 12th. The shares were bought at an average cost of $130.36 per share, with a total value of $100,898.64. Following the completion of the transaction, the director now directly owns 30,808 shares in the company, valued at approximately $4,016,130.88. This trade represents a 2.58% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 725,270 shares of company stock valued at $95,789,365.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RDDT. JPMorgan Chase & Co. dropped their price objective on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Bank of America dropped their price objective on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a report on Wednesday, April 9th. Redburn Atlantic began coverage on shares of Reddit in a report on Monday, March 17th. They set a "sell" rating and a $75.00 price objective on the stock. The Goldman Sachs Group upped their price objective on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Finally, Morgan Stanley dropped their price objective on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $140.35.

Reddit Stock Performance

Shares of RDDT stock opened at $124.29 on Thursday. Reddit, Inc. has a 52-week low of $49.13 and a 52-week high of $230.41. The company has a 50-day simple moving average of $109.44 and a two-hundred day simple moving average of $145.07. The company has a market capitalization of $22.48 billion, a price-to-earnings ratio of -16.08, a PEG ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The business had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. During the same period in the prior year, the firm posted ($8.19) EPS. The firm's quarterly revenue was up 61.5% compared to the same quarter last year. On average, sell-side analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

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.

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