M&T Bank Corp Acquires 40,846 Shares of Reddit Inc. $RDDT

Key Points

• M&T Bank Corp boosted its Reddit stake by 2,052.6% in Q4, buying 40,846 shares to hold 42,836 shares valued at about $9.85 million.
• Reddit beat Q4 expectations with EPS $1.24 (vs. $0.96 est.) and revenue of $725.6M (up 69.7% YoY), and analysts rate the stock an average Moderate Buy with a $234.22 price target.

M&T Bank Corp increased its position in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 2,052.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 42,836 shares of the company's stock after acquiring an additional 40,846 shares during the period. M&T Bank Corp's holdings in Reddit were worth $9,847,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of RDDT. Vanguard Group Inc. increased its holdings in Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company's stock worth $2,814,734,000 after acquiring an additional 1,401,293 shares during the period. Invesco Ltd. increased its holdings in Reddit by 419.0% during the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company's stock worth $342,212,000 after acquiring an additional 1,201,237 shares during the period. State Street Corp increased its holdings in Reddit by 138.5% during the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company's stock worth $305,678,000 after acquiring an additional 1,178,890 shares during the period. DSM Capital Partners LLC bought a new stake in Reddit during the 3rd quarter worth approximately $182,590,000. Finally, Federated Hermes Inc. bought a new stake in Reddit during the 3rd quarter worth approximately $165,246,000.

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction on Friday, February 27th. The shares were sold at an average price of $145.12, for a total value of $2,612,160.00. Following the transaction, the chief executive officer owned 411,195 shares of the company's stock, valued at $59,672,618.40. This represents a 4.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Christopher Brian Slowe sold 19,036 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total transaction of $2,742,135.80. Following the completion of the transaction, the chief technology officer directly owned 185,057 shares in the company, valued at $26,657,460.85. The trade was a 9.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders bought 61,000 shares of company stock worth $8,870,815 and sold 298,441 shares worth $44,170,999. Insiders own 34.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RDDT. Evercore reaffirmed an "outperform" rating and set a $290.00 target price on shares of Reddit in a report on Friday, February 6th. UBS Group set a $265.00 target price on shares of Reddit in a report on Tuesday, January 13th. Needham & Company LLC reaffirmed a "buy" rating and set a $300.00 target price on shares of Reddit in a report on Friday, February 6th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $285.00 target price on shares of Reddit in a report on Tuesday, January 20th. Finally, DA Davidson began coverage on shares of Reddit in a report on Tuesday. They set a "buy" rating and a $200.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $234.22.

Reddit Price Performance

Shares of NYSE:RDDT opened at $154.79 on Friday. The company's fifty day moving average price is $143.49 and its 200-day moving average price is $185.81. The firm has a market capitalization of $29.57 billion, a price-to-earnings ratio of 59.08, a PEG ratio of 1.11 and a beta of 2.40. Reddit Inc. has a one year low of $94.89 and a one year high of $282.95.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, topping analysts' consensus estimates of $0.96 by $0.28. The firm had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The business's revenue for the quarter was up 69.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.36 EPS. As a group, equities research analysts expect that Reddit Inc. will post 4.02 EPS for the current year.

Reddit Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called "subreddits," each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.

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