Bank of New York Mellon Corp Boosts Stake in Reddit, Inc. (NYSE:RDDT)

Bank of New York Mellon Corp lifted its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 10.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,663,603 shares of the company’s stock after purchasing an additional 153,282 shares during the quarter. Bank of New York Mellon Corp owned about 1.02% of Reddit worth $106,288,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Global Retirement Partners LLC purchased a new stake in Reddit in the first quarter valued at approximately $27,000. BNP Paribas Financial Markets acquired a new position in Reddit during the 1st quarter worth about $37,000. SOA Wealth Advisors LLC. purchased a new position in Reddit during the 2nd quarter valued at about $78,000. ANTIPODES PARTNERS Ltd purchased a new position in Reddit during the 1st quarter valued at about $63,000. Finally, Sandia Investment Management LP acquired a new position in Reddit in the 1st quarter valued at about $79,000.

Reddit Trading Up 1.3 %

Shares of NYSE:RDDT opened at $59.00 on Wednesday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $78.08. The stock’s fifty day moving average is $62.05.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. The firm’s revenue for the quarter was up 53.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.70) earnings per share. Equities analysts expect that Reddit, Inc. will post -4.17 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total transaction of $648,000.00. Following the transaction, the chief accounting officer now directly owns 71,162 shares in the company, valued at $3,842,748. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total transaction of $648,000.00. Following the completion of the sale, the chief accounting officer now owns 71,162 shares in the company, valued at $3,842,748. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Benjamin Seong Lee sold 45,807 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total value of $2,473,119.93. Following the transaction, the insider now directly owns 194,473 shares in the company, valued at approximately $10,499,597.27. The disclosure for this sale can be found here. Over the last quarter, insiders sold 189,659 shares of company stock worth $10,213,519.

Analysts Set New Price Targets

RDDT has been the topic of several recent research reports. Roth Mkm cut their target price on shares of Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Morgan Stanley upped their price objective on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group lifted their target price on Reddit from $40.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, May 9th. Needham & Company LLC restated a “buy” rating and set a $75.00 price target on shares of Reddit in a report on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Reddit from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $65.56.

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.