CIBC Private Wealth Group LLC Has $5.45 Million Stock Holdings in Reddit, Inc. (NYSE:RDDT)

CIBC Private Wealth Group LLC lessened its stake in Reddit, Inc. (NYSE:RDDT - Free Report) by 63.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 31,656 shares of the company's stock after selling 55,220 shares during the quarter. CIBC Private Wealth Group LLC's holdings in Reddit were worth $5,445,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after acquiring an additional 5,950,909 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of Reddit during the 4th quarter valued at about $494,861,000. Point72 Asset Management L.P. increased its holdings in Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company's stock worth $151,357,000 after buying an additional 2,225,895 shares during the last quarter. Brooklyn FI LLC bought a new position in Reddit during the fourth quarter valued at approximately $303,082,000. Finally, GQG Partners LLC acquired a new stake in Reddit in the fourth quarter valued at approximately $271,539,000.

Reddit Stock Performance

Reddit stock traded down $11.60 on Friday, reaching $85.31. The company's stock had a trading volume of 9,416,305 shares, compared to its average volume of 5,350,123. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41. The company has a market cap of $15.43 billion and a price-to-earnings ratio of -11.02. The business's fifty day moving average price is $159.78 and its 200 day moving average price is $138.00.

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Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping 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%. As a group, equities analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 124,408 shares of the company's stock in a transaction on Friday, March 14th. The stock was 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 owns 583,515 shares of the company's stock, valued at $74,316,470.40. This represents a 17.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Andrew Vollero sold 48,122 shares of Reddit stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the completion of the sale, the chief financial officer now owns 599,295 shares of the company's stock, valued at approximately $97,565,226. The trade was a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 603,794 shares of company stock valued at $89,386,704 over the last quarter.

Analyst Upgrades and Downgrades

RDDT has been the subject of several analyst reports. Morgan Stanley lifted their price objective on shares of Reddit from $200.00 to $210.00 and gave the company an "overweight" rating in a research note on Thursday, February 13th. The Goldman Sachs Group boosted their price objective on shares of Reddit from $105.00 to $176.00 and gave the stock a "neutral" rating in a report on Tuesday, January 14th. Roth Mkm cut shares of Reddit from a "buy" rating to a "neutral" rating and increased their target price for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Loop Capital reaffirmed a "buy" rating and issued a $210.00 price target on shares of Reddit in a report on Tuesday, March 11th. Finally, Redburn Atlantic started coverage on Reddit in a research report on Monday, March 17th. They issued a "sell" rating and a $75.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $163.00.

Reddit Company 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.