Bank of Montreal Can Acquires New Position in Reddit, Inc. (NYSE:RDDT)

Bank of Montreal Can bought a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 7,194 shares of the company's stock, valued at approximately $1,176,000.

Several other large investors have also recently modified their holdings of the business. State Street Corp boosted its holdings in Reddit by 189.3% in the 3rd quarter. State Street Corp now owns 322,321 shares of the company's stock worth $21,247,000 after buying an additional 210,921 shares during the period. MML Investors Services LLC increased its position in shares of Reddit by 12.0% in the third quarter. MML Investors Services LLC now owns 7,085 shares of the company's stock worth $467,000 after purchasing an additional 757 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Reddit by 176.0% during the 3rd quarter. Geode Capital Management LLC now owns 824,200 shares of the company's stock valued at $54,355,000 after buying an additional 525,619 shares in the last quarter. SOA Wealth Advisors LLC. increased its stake in Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company's stock valued at $126,000 after acquiring an additional 691 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in Reddit during the third quarter worth about $144,000.

Reddit Stock Up 0.7 %

Shares of RDDT stock opened at $96.04 on Friday. Reddit, Inc. has a 52 week low of $40.17 and a 52 week high of $230.41. The firm has a market capitalization of $17.37 billion and a PE ratio of -12.42. The company has a 50 day moving average price of $131.49 and a 200-day moving average price of $140.37.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on RDDT. Seaport Res Ptn upgraded Reddit to a "hold" rating in a research report on Thursday, February 6th. Robert W. Baird lifted their target price on shares of Reddit from $160.00 to $185.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. Loop Capital restated a "buy" rating and set a $210.00 price target on shares of Reddit in a report on Tuesday, March 11th. Citigroup decreased their price objective on shares of Reddit from $220.00 to $150.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, Guggenheim decreased their target price on Reddit from $210.00 to $170.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $142.22.

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the business's stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total value of $920,750.00. Following the transaction, the chief technology officer now owns 35,252 shares of the company's stock, valued at approximately $6,491,655.80. The trade was a 12.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 124,408 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the transaction, the chief executive officer now directly owns 583,515 shares of the company's stock, valued at $74,316,470.40. This trade represents a 17.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 714,202 shares of company stock worth $96,326,958 in the last three months.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.