Reddit, Inc. (NYSE:RDDT) Shares Sold by Moody National Bank Trust Division

Moody National Bank Trust Division reduced its position in Reddit, Inc. (NYSE:RDDT) by 13.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,359 shares of the company’s stock after selling 1,500 shares during the period. Moody National Bank Trust Division’s holdings in Reddit were worth $1,530,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. 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 valued at $801,428,000 after purchasing an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. purchased a new position in shares of Reddit during the 3rd quarter valued at approximately $474,403,000. Holocene Advisors LP grew its position in shares of Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after buying an additional 1,923,109 shares in the last quarter. Point72 Asset Management L.P. increased its stake in shares of 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 buying an additional 2,225,895 shares during the last quarter. Finally, Lord Abbett & CO. LLC raised 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 valued at $108,792,000 after acquiring an additional 1,548,450 shares in the last quarter.

Reddit Stock Performance

Shares of NYSE RDDT opened at $164.82 on Tuesday. The firm’s 50-day simple moving average is $154.55 and its 200 day simple moving average is $97.94. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $187.69.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit’s quarterly revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts expect that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total value of $2,314,620.00. Following the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $101,577,760.02. This represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $76.27, for a total value of $2,542,384.18. Following the sale, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at approximately $117,643,195.39. This represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 250,357 shares of company stock valued at $34,241,680.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RDDT. Wells Fargo & Company assumed coverage on shares of Reddit in a report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price objective for the company. Bank of America lifted their price target on Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 8th. JPMorgan Chase & Co. increased their target price on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. Guggenheim began coverage on Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 price target for the company. Finally, JMP Securities raised their price objective on Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research note on Monday, November 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and an average target price of $136.75.

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.