Bank of New York Mellon Corp Trims Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Bank of New York Mellon Corp trimmed its position in Reddit, Inc. (NYSE:RDDT) by 36.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 818,622 shares of the company’s stock after selling 475,256 shares during the period. Bank of New York Mellon Corp’s holdings in Reddit were worth $133,795,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FMR LLC boosted its holdings in Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares in the last quarter. Jennison Associates LLC bought a new stake in Reddit in the fourth quarter worth $494,861,000. Holocene Advisors LP boosted its holdings in Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after acquiring an additional 1,923,109 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings in Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after acquiring an additional 2,225,895 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its holdings 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 worth $108,792,000 after acquiring an additional 1,548,450 shares in the last quarter.

Reddit Stock Performance

Reddit stock opened at $162.13 on Friday. The stock has a fifty day moving average of $183.57 and a 200 day moving average of $126.99. The stock has a market cap of $29.33 billion and a PE ratio of -20.97. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41.

Reddit (NYSE:RDDT) last issued 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 predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares in the company, valued at $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Andrew Vollero sold 48,122 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the sale, the chief financial officer now owns 599,295 shares of the company’s stock, valued at $97,565,226. This represents a 7.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 275,122 shares of company stock worth $48,022,530 over the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. The Goldman Sachs Group boosted their target price on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Citigroup reaffirmed a “neutral” rating on shares of Reddit in a report on Thursday, February 13th. Raymond James upped their price target on Reddit from $200.00 to $250.00 and gave the company a “strong-buy” rating in a report on Monday, February 10th. Robert W. Baird upped their price target on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Finally, JMP Securities upped 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. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $175.95.

About Reddit

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.