Bank of New York Mellon Corp Sells 475,256 Shares of Reddit, Inc. (NYSE:RDDT)

Bank of New York Mellon Corp decreased its position in shares of Reddit, Inc. (NYSE:RDDT) by 36.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 818,622 shares of the company’s stock after selling 475,256 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.47% of Reddit worth $133,795,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC lifted its holdings in Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares in the last quarter. Jennison Associates LLC purchased a new stake in Reddit during the 4th quarter worth about $494,861,000. Point72 Asset Management L.P. lifted its holdings in Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after purchasing an additional 2,225,895 shares in the last quarter. Holocene Advisors LP lifted its holdings in Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after purchasing an additional 1,923,109 shares in the last quarter. Finally, Lord Abbett & CO. LLC lifted its holdings in Reddit by 1,519.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after purchasing an additional 1,548,450 shares in the last quarter.

Analysts Set New Price Targets

RDDT has been the topic of a number of recent research reports. Citigroup reissued a “neutral” rating on shares of Reddit in a report on Thursday, February 13th. Loop Capital increased their price objective on Reddit from $180.00 to $210.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Piper Sandler increased their price objective on Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. JMP Securities raised their price target on Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a report on Thursday, February 13th. Finally, Seaport Res Ptn upgraded Reddit to a “hold” rating in a research report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $175.95.

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $176.23, for a total value of $5,874,274.59. Following the transaction, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at $265,102,260.31. The trade was a 2.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at $124,083,012.24. This trade represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 275,122 shares of company stock valued at $48,022,530 in the last ninety days.

Reddit Price Performance

NYSE:RDDT opened at $162.13 on Friday. The business has a 50 day moving average of $183.57 and a 200 day moving average of $126.99. The company has a market capitalization of $29.33 billion and a price-to-earnings ratio of -20.97. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. As a group, sell-side analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

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.