Moody National Bank Trust Division Trims Holdings in Reddit, Inc. (NYSE:RDDT)

Moody National Bank Trust Division decreased its position in Reddit, Inc. (NYSE:RDDT - Free Report) by 25.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,009 shares of the company's stock after selling 2,350 shares during the quarter. Moody National Bank Trust Division's holdings in Reddit were worth $735,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Proficio Capital Partners LLC boosted its position in shares of Reddit by 2.1% during the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock valued at $966,000 after buying 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. Plato Investment Management Ltd purchased a new stake in shares of Reddit during the fourth quarter valued at $27,000. Kingsview Wealth Management LLC boosted its position in shares of Reddit by 4.5% during the fourth quarter. Kingsview Wealth Management LLC now owns 3,986 shares of the company's stock valued at $651,000 after buying an additional 171 shares during the last quarter. Finally, EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit during the fourth quarter valued at $28,000.

Insider Activity

In other news, CAO Michelle Marie Reynolds sold 2,729 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $98.85, for a total value of $269,761.65. Following the transaction, the chief accounting officer now owns 42,277 shares in the company, valued at $4,179,081.45. This trade represents a 6.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David C. Habiger bought 774 shares of the firm's stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average price of $130.36 per share, for a total transaction of $100,898.64. Following the transaction, the director now owns 30,808 shares of the company's stock, valued at approximately $4,016,130.88. This represents a 2.58% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 677,875 shares of company stock worth $76,732,994 over the last quarter.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Morgan Stanley dropped their target price on Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Needham & Company LLC raised their target price on Reddit from $135.00 to $145.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Loop Capital reaffirmed a "buy" rating and issued a $210.00 price objective on shares of Reddit in a research note on Tuesday, March 11th. B. Riley reaffirmed a "buy" rating and issued a $220.00 price objective (down previously from $222.00) on shares of Reddit in a research note on Friday, May 2nd. Finally, Citigroup raised their price objective on Reddit from $150.00 to $158.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $139.78.

Reddit Price Performance

NYSE:RDDT traded down $0.34 during midday trading on Thursday, hitting $117.87. The company's stock had a trading volume of 2,070,781 shares, compared to its average volume of 7,876,747. Reddit, Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The firm has a market cap of $21.75 billion, a P/E ratio of -15.26, a P/E/G ratio of 4.72 and a beta of 2.90. The firm's 50 day moving average is $106.30 and its 200-day moving average is $143.93.

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, beating the consensus estimate of $0.02 by $0.11. The firm had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The business's quarterly revenue was up 61.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($8.19) EPS. As a group, analysts forecast that Reddit, Inc. will post 1.12 EPS for the current 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.