Truist Financial Corp Purchases Shares of 4,163 Reddit, Inc. (NYSE:RDDT)

Truist Financial Corp acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 4,163 shares of the company’s stock, valued at approximately $266,000.

Several other institutional investors have also recently made changes to their positions in RDDT. BNP Paribas Financial Markets acquired a new stake in Reddit during the first quarter valued at $37,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Reddit during the 2nd quarter valued at about $78,000. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Reddit during the 1st quarter valued at about $63,000. UMB Bank n.a. purchased a new position in shares of Reddit in the 2nd quarter valued at about $88,000. Finally, Sandia Investment Management LP acquired a new position in Reddit in the 1st quarter worth about $79,000.

Insider Activity

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total transaction of $755,720.00. Following the completion of the sale, the chief executive officer now owns 672,352 shares of the company’s stock, valued at $36,293,560.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total transaction of $755,720.00. Following the completion of the transaction, the chief executive officer now owns 672,352 shares of the company’s stock, valued at $36,293,560.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Mary Porter Gale sold 15,000 shares of Reddit stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $52.73, for a total transaction of $790,950.00. Following the sale, the director now owns 101,459 shares of the company’s stock, valued at approximately $5,349,933.07. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 385,327 shares of company stock valued at $23,115,824.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Roth Mkm dropped their price objective on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price target on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. Jefferies Financial Group began coverage on shares of Reddit in a research report on Wednesday, October 9th. They set a “buy” rating and a $90.00 price objective for the company. Piper Sandler lifted their target price on shares of Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Finally, Sanford C. Bernstein upped their price target on shares of Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.28.

Reddit Stock Up 6.0 %

Shares of RDDT opened at $80.90 on Friday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $81.36. The stock has a fifty day simple moving average of $63.15 and a two-hundred day simple moving average of $58.98.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. During the same quarter in the previous year, the business posted ($0.70) earnings per share. Reddit’s revenue for the quarter was up 53.6% on a year-over-year basis. As a group, research analysts predict that Reddit, Inc. will post -4.1 EPS for the current fiscal year.

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.