Private Trust Co. NA Takes $245,000 Position in Reddit, Inc. (NYSE:RDDT)

Private Trust Co. NA bought a new position in Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,500 shares of the company’s stock, valued at approximately $245,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RDDT. FMR LLC grew its stake in Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after buying an additional 9,139,196 shares during the period. Jennison Associates LLC acquired a new position in shares of Reddit during the 4th quarter valued at $494,861,000. Point72 Asset Management L.P. boosted its position 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 during the period. Holocene Advisors LP increased its holdings in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its position in Reddit by 1,519.4% in the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after purchasing an additional 1,548,450 shares during the period.

Insider Activity at Reddit

In other news, CFO Andrew Vollero sold 48,122 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the transaction, the chief financial officer now owns 599,295 shares in the company, valued at approximately $97,565,226. This represents a 7.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00. Following the completion of the sale, the chief technology officer now directly owns 35,252 shares in the company, valued at approximately $6,491,655.80. This trade represents a 12.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 275,122 shares of company stock valued at $48,022,530 in the last quarter.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Morgan Stanley upped their target price on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. B. Riley upped their price target on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Jefferies Financial Group lifted their price objective on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Bank of America upped their target price on shares of Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Finally, Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $175.95.

Reddit Trading Up 0.4 %

RDDT stock opened at $162.37 on Tuesday. The stock’s 50 day simple moving average is $183.45 and its 200 day simple moving average is $128.76. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41. The firm has a market cap of $29.37 billion and a P/E ratio of -21.01.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

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.