Sumitomo Mitsui Trust Group Inc. Purchases 3,112 Shares of Reddit Inc. (NYSE:RDDT)

Sumitomo Mitsui Trust Group Inc. increased its holdings in Reddit Inc. (NYSE:RDDT - Free Report) by 0.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 426,748 shares of the company's stock after purchasing an additional 3,112 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.24% of Reddit worth $44,766,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Plato Investment Management Ltd bought a new stake in Reddit in the fourth quarter worth $27,000. EverSource Wealth Advisors LLC bought a new stake in Reddit in the fourth quarter worth $28,000. Tucker Asset Management LLC purchased a new position in Reddit during the fourth quarter worth $39,000. Farther Finance Advisors LLC boosted its stake in Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after buying an additional 147 shares during the period. Finally, Fourth Dimension Wealth LLC purchased a new position in Reddit during the fourth quarter worth $49,000.

Analysts Set New Price Targets

RDDT has been the subject of several recent analyst reports. Sanford C. Bernstein raised shares of Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price objective for the company in a research note on Friday, May 2nd. B. Riley reaffirmed a "buy" rating and set a $220.00 price objective (down from $222.00) on shares of Reddit in a research note on Friday, May 2nd. Wells Fargo & Company lifted their price objective on shares of Reddit from $115.00 to $118.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Citigroup lifted their price objective on shares of Reddit from $158.00 to $163.00 and gave the stock a "buy" rating in a research note on Tuesday, June 24th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. 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 issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $139.70.

Reddit Stock Up 4.6%

NYSE:RDDT traded up $7.03 during mid-day trading on Wednesday, reaching $159.26. The company's stock had a trading volume of 10,938,545 shares, compared to its average volume of 6,637,505. Reddit Inc. has a 1 year low of $49.13 and a 1 year high of $230.41. The stock has a fifty day moving average of $118.84 and a 200-day moving average of $141.56. The firm has a market capitalization of $29.39 billion, a PE ratio of 269.94, a price-to-earnings-growth ratio of 3.87 and a beta of 2.33.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data 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 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 earned ($8.19) earnings per share. The firm's revenue for the quarter was up 61.5% compared to the same quarter last year. On average, analysts expect that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Michelle Marie Reynolds sold 3,500 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $150.64, for a total value of $527,240.00. Following the completion of the sale, the chief accounting officer directly owned 37,868 shares of the company's stock, valued at $5,704,435.52. This represents a 8.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 124,409 shares of the company's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $124.45, for a total transaction of $15,482,700.05. Following the completion of the sale, the chief executive officer directly owned 546,133 shares of the company's stock, valued at approximately $67,966,251.85. This trade represents a 18.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 603,285 shares of company stock valued at $67,480,210 over the last quarter. 34.25% of the stock is owned by company insiders.

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.