Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Reddit, Inc. (NYSE:RDDT – Free Report) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 311,095 shares of the company’s stock, valued at approximately $19,876,000.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. SOA Wealth Advisors LLC. bought a new position in Reddit in the second quarter valued at about $78,000. Renaissance Capital LLC bought a new position in Reddit in the 2nd quarter valued at approximately $1,455,000. Moody National Bank Trust Division acquired a new stake in Reddit during the 2nd quarter worth approximately $636,000. DekaBank Deutsche Girozentrale bought a new stake in Reddit during the 1st quarter worth approximately $7,363,000. Finally, Rokos Capital Management LLP acquired a new position in Reddit in the 1st quarter valued at approximately $370,000.
Reddit Stock Performance
Shares of NYSE:RDDT opened at $55.05 on Wednesday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $78.08. The business has a 50 day moving average price of $62.46.
Insider Buying and Selling at Reddit
In other news, insider Benjamin Seong Lee sold 20,034 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $58.94, for a total transaction of $1,180,803.96. Following the completion of the sale, the insider now directly owns 259,312 shares of the company’s stock, valued at $15,283,849.28. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Reddit news, CFO Andrew Vollero sold 50,580 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $58.94, for a total transaction of $2,981,185.20. Following the transaction, the chief financial officer now directly owns 631,080 shares in the company, valued at approximately $37,195,855.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 20,034 shares of Reddit stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $58.94, for a total transaction of $1,180,803.96. Following the transaction, the insider now directly owns 259,312 shares in the company, valued at $15,283,849.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 237,689 shares of company stock valued at $13,717,340.
Wall Street Analysts Forecast Growth
RDDT has been the topic of several recent research reports. Raymond James lifted their target price on Reddit from $65.00 to $70.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 31st. Loop Capital raised shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research report on Thursday, August 1st. JPMorgan Chase & Co. dropped their price target on shares of Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Robert W. Baird increased their price objective on shares of Reddit from $50.00 to $59.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Finally, The Goldman Sachs Group boosted their target price on shares of Reddit from $40.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $65.56.
Get Our Latest Report on Reddit
About Reddit
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.
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