Reddit, Inc. (NYSE:RDDT) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 10.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,663,603 shares of the company's stock after purchasing an additional 153,282 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.02% of Reddit worth $106,288,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Inclusive Capital Partners L.P. acquired a new stake in shares of Reddit in the first quarter valued at about $103,051,000. Vanguard Group Inc. purchased a new stake in shares of Reddit in the first quarter valued at approximately $82,167,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of Reddit in the first quarter valued at approximately $37,015,000. Blackstone Inc. purchased a new position in Reddit during the first quarter worth approximately $36,990,000. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Reddit during the second quarter worth $19,876,000.

Reddit Stock Down 4.8 %

Reddit stock traded down $2.84 during mid-day trading on Wednesday, reaching $56.16. 4,030,077 shares of the company's stock were exchanged, compared to its average volume of 4,494,370. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $78.08. The stock's fifty day simple moving average is $62.03.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to analyst estimates of $253.86 million. The firm's revenue was up 53.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.70) earnings per share. On average, equities research analysts anticipate that Reddit, Inc. will post -4.17 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on RDDT shares. Morgan Stanley raised their target price on Reddit from $63.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 23rd. JMP Securities reaffirmed a "market outperform" rating and set a $84.00 target price on shares of Reddit in a research note on Tuesday, July 30th. Robert W. Baird raised their price target on shares of Reddit from $50.00 to $59.00 and gave the stock a "neutral" rating in a report on Wednesday, May 8th. Sanford C. Bernstein increased their price objective on Reddit from $45.00 to $50.00 and gave the stock an "underperform" rating in a research report on Monday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Reddit from $62.00 to $65.00 and gave the company a "buy" rating in a research report on Friday, May 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $65.56.

Insider Transactions at Reddit

In related news, CAO Michelle Marie Reynolds sold 12,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total value of $648,000.00. Following the sale, the chief accounting officer now owns 71,162 shares of the company's stock, valued at $3,842,748. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total transaction of $755,720.00. Following the completion of the transaction, the chief executive officer now directly owns 672,352 shares of the company's stock, valued at approximately $36,293,560.96. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Michelle Marie Reynolds sold 12,000 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total value of $648,000.00. Following the completion of the transaction, the chief accounting officer now owns 71,162 shares in the company, valued at approximately $3,842,748. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 189,659 shares of company stock valued at $10,213,519.

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.