Reddit Inc. $RDDT Stock Position Lowered by Keybank National Association OH

Keybank National Association OH decreased its position in Reddit Inc. (NYSE:RDDT) by 41.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,956 shares of the company’s stock after selling 8,553 shares during the quarter. Keybank National Association OH’s holdings in Reddit were worth $2,750,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Reddit by 6.3% in the 2nd quarter. Vanguard Group Inc. now owns 10,837,215 shares of the company’s stock valued at $1,631,759,000 after acquiring an additional 638,663 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Reddit by 7.5% during the second quarter. JPMorgan Chase & Co. now owns 2,051,175 shares of the company’s stock valued at $308,846,000 after purchasing an additional 143,680 shares during the last quarter. State Street Corp boosted its holdings in Reddit by 138.5% during the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after buying an additional 1,178,890 shares in the last quarter. Geode Capital Management LLC grew its position in Reddit by 72.1% in the second quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company’s stock worth $299,044,000 after buying an additional 833,245 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Reddit in the second quarter valued at $294,254,000.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several research reports. JPMorgan Chase & Co. raised their price objective on Reddit from $190.00 to $227.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. Jefferies Financial Group increased their price target on Reddit from $300.00 to $325.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. UBS Group set a $265.00 price objective on Reddit in a report on Tuesday, January 13th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Reddit in a report on Monday, December 29th. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $236.00 price target on shares of Reddit in a report on Tuesday, October 14th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $245.36.

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $232.78, for a total transaction of $4,190,040.00. Following the transaction, the chief executive officer directly owned 448,576 shares in the company, valued at $104,419,521.28. The trade was a 3.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Benjamin Seong Lee sold 3,320 shares of the company’s stock in a transaction on Friday, January 9th. The stock was sold at an average price of $260.22, for a total transaction of $863,930.40. Following the completion of the transaction, the insider directly owned 62,608 shares in the company, valued at $16,291,853.76. This trade represents a 5.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 505,511 shares of company stock worth $110,940,045. 34.25% of the stock is currently owned by company insiders.

Reddit Stock Performance

RDDT stock opened at $176.99 on Tuesday. The firm has a 50 day simple moving average of $226.04 and a 200 day simple moving average of $215.47. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95. The stock has a market cap of $33.54 billion, a P/E ratio of 101.72, a P/E/G ratio of 1.25 and a beta of 2.18.

Reddit Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.