Reddit Inc. $RDDT Position Increased by Bank of Montreal Can

Bank of Montreal Can increased its holdings in shares of Reddit Inc. (NYSE:RDDT) by 9.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 379,939 shares of the company’s stock after buying an additional 33,769 shares during the quarter. Bank of Montreal Can owned 0.20% of Reddit worth $87,382,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Reddit by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after purchasing an additional 1,401,293 shares during the last quarter. JPMorgan Chase & Co. grew its position in Reddit by 7.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,051,175 shares of the company’s stock worth $308,846,000 after purchasing an additional 143,680 shares during the last quarter. State Street Corp increased its stake in Reddit by 138.5% during the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after acquiring an additional 1,178,890 shares during the period. Geode Capital Management LLC grew its holdings in shares of Reddit by 72.1% during the 2nd quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company’s stock worth $299,044,000 after purchasing an additional 833,245 shares in the last quarter. Finally, Norges Bank bought a new stake in Reddit in the 2nd quarter valued at $294,254,000.

Wall Street Analyst Weigh In

RDDT has been the subject of several recent analyst reports. Zacks Research lowered Reddit from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 26th. UBS Group set a $265.00 price objective on Reddit in a report on Tuesday, January 13th. Wall Street Zen downgraded Reddit from a “buy” rating to a “hold” rating in a research note on Saturday, March 7th. Cantor Fitzgerald reduced their price objective on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. Finally, Jefferies Financial Group decreased their target price on Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $236.00.

Insider Transactions at Reddit

In related news, insider Benjamin Seong Lee sold 5,575 shares of the business’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $143.35, for a total transaction of $799,176.25. Following the sale, the insider owned 79,309 shares in the company, valued at $11,368,945.15. The trade was a 6.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Christopher Brian Slowe sold 9,500 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $136.55, for a total transaction of $1,297,225.00. Following the sale, the chief technology officer directly owned 183,057 shares in the company, valued at $24,996,433.35. The trade was a 4.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 433,335 shares of company stock valued at $89,139,359. Corporate insiders own 34.25% of the company’s stock.

Reddit Stock Performance

Shares of RDDT stock opened at $137.24 on Thursday. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95. The company has a 50-day simple moving average of $181.75 and a 200 day simple moving average of $206.15. The company has a market capitalization of $26.22 billion, a price-to-earnings ratio of 52.38, a PEG ratio of 0.98 and a beta of 2.40.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. The business had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. Reddit’s revenue for the quarter was up 69.7% compared to the same quarter last year. During the same period last year, the firm earned $0.36 earnings per share. Sell-side analysts forecast that Reddit Inc. will post 1.12 EPS for the current year.

About Reddit

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.