Reddit, Inc. (NYSE:RDDT) Shares Sold by Bank Julius Baer & Co. Ltd Zurich

Bank Julius Baer & Co. Ltd Zurich decreased its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 46.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 903 shares of the company’s stock after selling 779 shares during the quarter. Bank Julius Baer & Co. Ltd Zurich’s holdings in Reddit were worth $163,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of RDDT. Ridgewood Investments LLC increased its stake in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the period. Proficio Capital Partners LLC increased its stake in shares of Reddit by 2.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock valued at $966,000 after purchasing an additional 120 shares during the period. UMB Bank n.a. increased its stake in shares of Reddit by 10.8% in the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after purchasing an additional 150 shares during the period. Foundations Investment Advisors LLC increased its stake in shares of Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock valued at $870,000 after purchasing an additional 155 shares during the period. Finally, Plato Investment Management Ltd acquired a new stake in shares of Reddit in the fourth quarter valued at approximately $27,000.

Insider Activity

In related news, CAO Michelle Marie Reynolds sold 11,965 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the transaction, the chief accounting officer now directly owns 48,418 shares in the company, valued at approximately $7,621,477.38. This trade represents a 19.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Benjamin Seong Lee sold 92,299 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the transaction, the insider now owns 115,001 shares in the company, valued at $18,095,407.35. The trade was a 44.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 393,386 shares of company stock worth $66,673,388.

Reddit Trading Up 14.6 %

Reddit stock opened at $123.01 on Wednesday. The company has a market capitalization of $22.25 billion and a P/E ratio of -15.91. The firm’s fifty day simple moving average is $179.61 and its 200-day simple moving average is $132.31. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, equities research analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RDDT. Guggenheim began coverage on shares of Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective for the company. Needham & Company LLC increased their price objective on shares of Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Loop Capital increased their price objective on shares of Reddit from $180.00 to $210.00 and gave the company a “buy” rating in a report on Thursday, February 13th. JMP Securities increased their price objective on shares of Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a report on Thursday, February 13th. Finally, Piper Sandler increased their price objective on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average target price of $175.95.

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.