Bank of New York Mellon Corp Sells 304,408 Shares of Reddit Inc. (NYSE:RDDT)

Bank of New York Mellon Corp trimmed its holdings in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 37.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 514,214 shares of the company's stock after selling 304,408 shares during the quarter. Bank of New York Mellon Corp owned 0.28% of Reddit worth $53,941,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of RDDT. Vanguard Group Inc. grew its stake in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after acquiring an additional 5,950,909 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after acquiring an additional 2,537,768 shares in the last quarter. Brooklyn FI LLC bought a new position in shares of Reddit during the 4th quarter worth approximately $303,082,000. GQG Partners LLC bought a new position in shares of Reddit during the 4th quarter worth approximately $271,539,000. Finally, Whale Rock Capital Management LLC bought a new position in shares of Reddit during the 4th quarter worth approximately $204,054,000.

Reddit Stock Performance

RDDT opened at $145.89 on Friday. Reddit Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The company has a market capitalization of $26.92 billion, a P/E ratio of 247.28, a P/E/G ratio of 3.74 and a beta of 2.33. The stock has a fifty day moving average of $124.42 and a 200-day moving average of $140.47.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The company had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. During the same quarter last year, the firm earned ($8.19) earnings per share. The company's revenue was up 61.5% on a year-over-year basis. On average, equities research analysts predict that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Activity at Reddit

In related news, CFO Andrew Vollero sold 30,000 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $117.64, for a total value of $3,529,200.00. Following the transaction, the chief financial officer owned 333,806 shares in the company, valued at approximately $39,268,937.84. This trade represents a 8.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $151.35, for a total value of $2,118,900.00. Following the completion of the transaction, the chief executive officer owned 539,631 shares in the company, valued at $81,673,151.85. The trade was a 2.53% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 617,285 shares of company stock valued at $69,599,110. 34.25% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Seaport Res Ptn raised shares of Reddit from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th. Robert W. Baird raised their target price on shares of Reddit from $120.00 to $151.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. The Goldman Sachs Group raised their target price on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Bank of America decreased their target price on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. Finally, Guggenheim reissued a "buy" rating and issued a $165.00 target price on shares of Reddit in a research note on Tuesday, June 24th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Reddit currently has an average rating of "Moderate Buy" and an average price target of $141.04.

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.

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