Northern Trust Corp Raises Stake in Reddit, Inc. (NYSE:RDDT)

Northern Trust Corp lifted its position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 56.5% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 267,126 shares of the company's stock after buying an additional 96,461 shares during the quarter. Northern Trust Corp owned about 0.15% of Reddit worth $43,659,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of RDDT. Ridgewood Investments LLC increased its position in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after purchasing an additional 100 shares during the period. Proficio Capital Partners LLC increased its position in shares of Reddit by 2.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after purchasing an additional 120 shares during the period. Farther Finance Advisors LLC increased its position in shares of Reddit by 148.5% in the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after purchasing an additional 147 shares during the period. UMB Bank n.a. grew its position in Reddit by 10.8% in the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock valued at $251,000 after acquiring an additional 150 shares during the last quarter. Finally, Foundations Investment Advisors LLC grew its position in Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock valued at $870,000 after acquiring an additional 155 shares during the last quarter.

Analyst Ratings Changes

RDDT has been the topic of a number of recent analyst reports. Redburn Partners set a $75.00 target price on Reddit in a research report on Monday, March 17th. Guggenheim cut their price target on Reddit from $170.00 to $165.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Piper Sandler reissued an "overweight" rating and set a $150.00 price target (up from $140.00) on shares of Reddit in a research note on Friday, May 2nd. Roth Capital reissued a "neutral" rating on shares of Reddit in a research note on Friday, May 2nd. Finally, B. Riley reaffirmed a "buy" rating and issued a $220.00 price objective (down from $222.00) on shares of Reddit in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $140.35.

Reddit Stock Performance

Shares of NYSE RDDT traded up $2.59 during midday trading on Monday, hitting $111.05. 7,058,739 shares of the stock traded hands, compared to its average volume of 5,870,847. The company has a market cap of $20.09 billion, a PE ratio of -14.37, a P/E/G ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a one year low of $49.13 and a one year high of $230.41. The business has a 50 day moving average price of $111.54 and a two-hundred day moving average price of $145.23.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly 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 negative return on equity of 24.71% and a negative net margin of 37.25%. The business had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. During the same quarter in the prior year, the company posted ($8.19) earnings per share. Reddit's revenue was up 61.5% compared to the same quarter last year. As a group, equities research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the transaction, the chief executive officer now owns 614,394 shares of the company's stock, valued at $115,370,905.32. This represents a 2.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Andrew Vollero sold 48,122 shares of the company's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $162.80, for a total value of $7,834,261.60. Following the transaction, the chief financial officer now directly owns 599,295 shares in the company, valued at $97,565,226. This represents a 7.43% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 725,270 shares of company stock worth $95,789,365.

Reddit 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.