Bank of New York Mellon Corp Sells 4,416 Shares of Reddit Inc. $RDDT

Bank of New York Mellon Corp decreased its stake in Reddit Inc. (NYSE:RDDT) by 1.3% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 329,100 shares of the company’s stock after selling 4,416 shares during the period. Bank of New York Mellon Corp’s holdings in Reddit were worth $44,313,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RDDT. Ascentis Independent Advisors bought a new stake in Reddit in the first quarter valued at approximately $30,000. LOM Asset Management Ltd bought a new position in Reddit during the 4th quarter worth approximately $33,000. Geneos Wealth Management Inc. lifted its position in shares of Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares during the period. V Square Quantitative Management LLC acquired a new position in shares of Reddit in the 1st quarter worth approximately $43,000. Finally, Summit Securities Group LLC bought a new stake in shares of Reddit in the 4th quarter valued at $46,000.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several recent analyst reports. Truist Financial set a $265.00 price objective on shares of Reddit in a research report on Friday, May 1st. Oppenheimer reaffirmed an “outperform” rating and set a $225.00 price target on shares of Reddit in a research report on Friday, May 1st. Loop Capital reiterated a “buy” rating and set a $260.00 price target on shares of Reddit in a report on Thursday, June 4th. Wells Fargo & Company lifted their price objective on Reddit from $176.00 to $187.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Finally, Piper Sandler reissued an “overweight” rating and issued a $215.00 price objective on shares of Reddit in a research note on Thursday, July 9th. Nineteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average price target of $232.48.

Key Stories Impacting Reddit

Here are the key news stories impacting Reddit this week:

• Positive Sentiment: Reddit was added to Wedbush’s Best Ideas list ahead of Q2 results, and DA Davidson reiterated a Buy rating with a $200 price target, signaling Wall Street still sees meaningful upside. Reddit added to Wedbush Best Ideas List ahead of Q2 results
• Positive Sentiment: Several recent bullish notes say Reddit’s fundamentals remain strong, with rapid revenue growth, high margins, and ad-driven expansion supporting the stock despite valuation concerns. Reddit: Ignore The Potential Google Scuffle And Carry On
• Positive Sentiment: Investors are looking for a Q2 beat, with guidance pointing to roughly 43% to 45% year-over-year revenue growth and a strong EBITDA margin, which could reinforce the growth story if delivered. Reddit: Why I’m Staying Bullish Into The Q2 Print
• Neutral Sentiment: Analyst commentary this week has focused on Reddit alongside other communication-services names, but no major new company-specific catalyst was disclosed in the headline item. Analysts Offer Insights on Communication Services Companies
• Neutral Sentiment: Reddit’s upcoming earnings report is expected to show growth, but some screening models suggest the setup is not ideal for a clean earnings beat, keeping expectations mixed. Reddit Inc. (RDDT) Reports Next Week: Wall Street Expects Earnings Growth
• Negative Sentiment: The main overhang is renewed uncertainty around Reddit’s reported $60 million-per-year Google AI licensing deal, with some reports suggesting Reddit may rethink the agreement if renewal talks stall or content restrictions emerge. Reddit (RDDT) May Rethink $60 Million Google AI Deal As Renewal Talks Drag
• Negative Sentiment: Recent reports of a possible Google content restriction or AI feud triggered a sharp drop in the stock and pushed Reddit below key moving averages, signaling weaker momentum in the near term. Reddit stock plunges on report of possible Google content restrictions

Reddit Trading Down 0.0%

NYSE:RDDT opened at $168.75 on Friday. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95. The stock has a market capitalization of $32.49 billion, a price-to-earnings ratio of 48.22 and a beta of 1.93. The firm has a fifty day simple moving average of $174.67 and a two-hundred day simple moving average of $167.69.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. The company had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business’s revenue was up 69.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.13 EPS. Equities analysts predict that Reddit Inc. will post 4.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $158.52, for a total value of $6,208,752.84. Following the completion of the sale, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at approximately $172,541,252.52. This trade represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total value of $161,600.00. Following the sale, the chief accounting officer owned 15,060 shares of the company’s stock, valued at approximately $3,012,000. This represents a 5.09% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 169,141 shares of company stock valued at $28,680,845. 28.48% of the stock is owned by company insiders.

Reddit Company Profile

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.