Reddit Inc. $RDDT Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon cut its Reddit stake by 15.7% in the fourth quarter, selling 62,066 shares and ending with 333,516 shares worth about $76.7 million.
• Reddit's latest quarter was strong, with earnings of $1.01 per share beating estimates of $0.62 and revenue rising 69.1% year over year to $663.4 million.
• Analysts remain mostly positive on the stock: Reddit has a Moderate Buy consensus rating with an average price target of $230.75, even as some insiders recently sold shares.

Bank of New York Mellon Corp reduced its position in Reddit Inc. (NYSE:RDDT - Free Report) by 15.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 333,516 shares of the company's stock after selling 62,066 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.18% of Reddit worth $76,665,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Bridges Investment Management Inc. acquired a new position in Reddit in the 4th quarter valued at about $347,000. Natixis Advisors LLC acquired a new position in Reddit in the 4th quarter valued at about $2,465,000. Florida Financial Advisors LLC grew its position in Reddit by 6.7% in the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company's stock valued at $250,000 after acquiring an additional 68 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Reddit by 11.8% in the 4th quarter. BNP Paribas Financial Markets now owns 56,673 shares of the company's stock valued at $13,027,000 after buying an additional 6,003 shares during the period. Finally, Norges Bank purchased a new position in shares of Reddit in the 4th quarter valued at about $372,047,000.

Analyst Ratings Changes

RDDT has been the subject of several recent research reports. Wells Fargo & Company lifted their price objective on Reddit from $149.00 to $176.00 and gave the company an "equal weight" rating in a research note on Friday, May 1st. Piper Sandler reiterated an "overweight" rating and issued a $215.00 price objective (up from $205.00) on shares of Reddit in a research note on Friday, May 1st. Oppenheimer reiterated an "outperform" rating and issued a $225.00 price objective on shares of Reddit in a research note on Friday, May 1st. Loop Capital reiterated a "buy" rating and issued a $260.00 price objective on shares of Reddit in a research note on Thursday, June 4th. Finally, The Goldman Sachs Group reiterated a "neutral" rating and issued a $200.00 price objective on shares of Reddit in a research note on Friday, May 1st. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $230.75.

Reddit Trading Up 4.4%

Shares of NYSE RDDT opened at $178.62 on Wednesday. Reddit Inc. has a twelve month low of $110.85 and a twelve month high of $282.95. The stock has a 50 day moving average of $155.13 and a two-hundred day moving average of $177.12. The stock has a market cap of $34.39 billion, a P/E ratio of 51.03 and a beta of 1.91.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company had revenue of $663.41 million during the quarter, compared to analysts' expectations of $607.74 million. During the same quarter in the previous year, the business earned $0.13 earnings per share. The firm's revenue for the quarter was up 69.1% on a year-over-year basis. As a group, research analysts predict that Reddit Inc. will post 4.83 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the business's stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $174.13, for a total value of $3,134,340.00. Following the transaction, the chief executive officer owned 373,814 shares of the company's stock, valued at approximately $65,092,231.82. The trade was a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the business's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $158.52, for a total value of $6,208,752.84. Following the completion of the transaction, the chief operating officer directly owned 1,088,451 shares in the company, valued at approximately $172,541,252.52. The trade was a 3.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 250,499 shares of company stock worth $38,515,283. 28.48% of the stock is owned by insiders.

Reddit Company 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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