Keybank National Association OH Purchases Shares of 106,586 Reddit Inc. (NYSE:RDDT)

Keybank National Association OH purchased a new stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 106,586 shares of the company's stock, valued at approximately $11,181,000. Keybank National Association OH owned approximately 0.06% of Reddit at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Rossby Financial LCC bought a new stake in shares of Reddit during the first quarter valued at approximately $84,000. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new stake in Reddit during the 1st quarter valued at $657,000. Vontobel Holding Ltd. boosted its stake in Reddit by 698.4% during the 1st quarter. Vontobel Holding Ltd. now owns 11,561 shares of the company's stock valued at $1,213,000 after purchasing an additional 10,113 shares during the last quarter. J.Safra Asset Management Corp bought a new stake in shares of Reddit in the 1st quarter worth $167,000. Finally, KBC Group NV raised its stake in shares of Reddit by 608.5% in the first quarter. KBC Group NV now owns 16,940 shares of the company's stock worth $1,777,000 after purchasing an additional 14,549 shares during the last quarter.

Insider Transactions at Reddit

In related news, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $124.45, for a total transaction of $4,148,291.85. Following the completion of the sale, the chief operating officer owned 1,428,007 shares in the company, valued at approximately $177,715,471.15. This trade represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Christopher Brian Slowe sold 16,000 shares of Reddit stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $136.47, for a total value of $2,183,520.00. Following the sale, the chief technology officer directly owned 246,373 shares in the company, valued at $33,622,523.31. This trade represents a 6.10% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 617,285 shares of company stock valued at $69,599,110. Company insiders own 34.25% of the company's stock.

Reddit Stock Down 1.2%

RDDT traded down $1.99 during midday trading on Friday, reaching $157.35. The company had a trading volume of 4,041,162 shares, compared to its average volume of 6,645,023. The business has a 50-day moving average of $121.57 and a two-hundred day moving average of $141.46. Reddit Inc. has a 1 year low of $49.13 and a 1 year high of $230.41. The company has a market cap of $29.03 billion, a P/E ratio of 266.70, a P/E/G ratio of 4.03 and a beta of 2.33.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.11. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The company had revenue of $392.36 million during the quarter, compared to analyst estimates 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, equities research analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on RDDT shares. Loop Capital lowered their price target on Reddit from $210.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, June 12th. Sanford C. Bernstein upgraded shares of Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 target price on the stock in a research note on Friday, May 2nd. The Goldman Sachs Group raised their price target on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Bank of America decreased their price objective on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a report on Wednesday, April 9th. Finally, JMP Securities restated a "market outperform" rating and set a $180.00 price objective on shares of Reddit in a research report on Friday, May 2nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $139.70.

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.