Reddit Inc. $RDDT Shares Sold by Keybank National Association OH

Keybank National Association OH cut its holdings in shares of Reddit Inc. (NYSE:RDDT) by 41.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,956 shares of the company’s stock after selling 8,553 shares during the period. Keybank National Association OH’s holdings in Reddit were worth $2,750,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. National Pension Service acquired a new stake in Reddit during the 3rd quarter valued at approximately $1,476,000. Searle & CO. raised its position in shares of Reddit by 120.5% in the 3rd quarter. Searle & CO. now owns 5,145 shares of the company’s stock valued at $1,183,000 after purchasing an additional 2,812 shares in the last quarter. AlphaQuest LLC purchased a new position in shares of Reddit during the 3rd quarter valued at approximately $267,000. Arizona State Retirement System grew its position in shares of Reddit by 52.7% during the third quarter. Arizona State Retirement System now owns 30,917 shares of the company’s stock worth $7,111,000 after buying an additional 10,672 shares in the last quarter. Finally, Cloud Capital Management LLC bought a new stake in shares of Reddit in the third quarter worth $47,000.

Reddit Price Performance

NYSE:RDDT opened at $176.99 on Tuesday. The firm has a market capitalization of $33.54 billion, a P/E ratio of 101.72, a P/E/G ratio of 1.25 and a beta of 2.18. The business has a 50 day simple moving average of $226.04 and a 200 day simple moving average of $215.47. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95.

Analysts Set New Price Targets

A number of research firms have commented on RDDT. Wells Fargo & Company increased their price objective on shares of Reddit from $186.00 to $207.00 and gave the company an “equal weight” rating in a research note on Monday, January 12th. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 price target on shares of Reddit in a research note on Monday, December 29th. Jefferies Financial Group upped their price objective on Reddit from $300.00 to $325.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. UBS Group set a $265.00 target price on Reddit in a report on Tuesday, January 13th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $236.00 price target on shares of Reddit in a report on Tuesday, October 14th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $245.36.

Insider Activity

In other Reddit news, insider Benjamin Seong Lee sold 55,005 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $221.21, for a total value of $12,167,656.05. Following the completion of the transaction, the insider owned 62,608 shares in the company, valued at approximately $13,849,515.68. This represents a 46.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Christopher Brian Slowe sold 24,000 shares of Reddit stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $192.72, for a total value of $4,625,280.00. Following the sale, the chief technology officer directly owned 175,694 shares in the company, valued at approximately $33,859,747.68. This trade represents a 12.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 505,511 shares of company stock worth $110,940,045 over the last ninety days. Insiders own 34.25% of the company’s stock.

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.