Sumitomo Mitsui Trust Group Inc. Acquires 201,776 Shares of Reddit, Inc. (NYSE:RDDT)

Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 64.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 512,871 shares of the company's stock after acquiring an additional 201,776 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.31% of Reddit worth $33,808,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in RDDT. BNP Paribas Financial Markets acquired a new position in shares of Reddit during the first quarter worth $37,000. SG Americas Securities LLC acquired a new position in Reddit in the 1st quarter worth about $265,000. Vanguard Group Inc. bought a new position in Reddit in the first quarter valued at about $82,167,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Reddit during the first quarter valued at about $9,864,000. Finally, Price T Rowe Associates Inc. MD bought a new stake in shares of Reddit during the first quarter worth about $37,015,000.

Insider Transactions at Reddit

In related news, COO Jennifer L. Wong sold 50,000 shares of the company's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares in the company, valued at approximately $100,275,129.57. This represents a 3.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the completion of the sale, the chief executive officer now directly owns 672,352 shares of the company's stock, valued at $36,293,560.96. The trade was a 2.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 364,327 shares of company stock valued at $23,298,794 over the last ninety days.

Reddit Trading Down 5.4 %

Shares of NYSE RDDT opened at $124.78 on Friday. The firm's 50-day moving average price is $83.78 and its 200-day moving average price is $68.12. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $139.04.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit's revenue for the quarter was up 67.9% on a year-over-year basis. On average, analysts predict that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of research reports. The Goldman Sachs Group raised their price objective on shares of Reddit from $60.00 to $68.00 and gave the company a "neutral" rating in a report on Monday, October 14th. Cannonball Research began coverage on shares of Reddit in a report on Tuesday, August 6th. They set a "buy" rating and a $67.00 price target on the stock. Piper Sandler restated an "overweight" rating and issued a $115.00 price objective (up from $70.00) on shares of Reddit in a report on Wednesday, October 30th. 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 report on Tuesday, July 23rd. Finally, Citigroup upped their price target on Reddit from $70.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $89.72.

About Reddit

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.