5,297 Shares in Reddit, Inc. (NYSE:RDDT) Bought by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 5,297 shares of the company's stock, valued at approximately $349,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SOA Wealth Advisors LLC. bought a new position in Reddit in the second quarter valued at approximately $78,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Reddit in the second quarter valued at $19,876,000. Raymond James & Associates lifted its stake in Reddit by 706.1% in the second quarter. Raymond James & Associates now owns 42,641 shares of the company's stock valued at $2,724,000 after acquiring an additional 37,351 shares during the last quarter. Carnegie Investment Counsel bought a new position in shares of Reddit in the 2nd quarter valued at about $8,068,000. Finally, Bank of New York Mellon Corp increased its stake in shares of Reddit by 10.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company's stock worth $106,288,000 after purchasing an additional 153,282 shares during the last quarter.

Insider Activity

In related news, CFO Andrew Vollero sold 11,287 shares of the firm's stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total transaction of $722,368.00. Following the completion of the transaction, the chief financial officer now directly owns 840,379 shares of the company's stock, valued at $53,784,256. This trade represents a 1.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $141.79, for a total value of $1,985,060.00. Following the completion of the transaction, the chief executive officer now directly owns 634,971 shares in the company, valued at approximately $90,032,538.09. This represents a 2.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 325,644 shares of company stock valued at $31,195,790.

Reddit Price Performance

NYSE:RDDT traded up $4.52 on Monday, hitting $167.28. The company had a trading volume of 16,629,792 shares, compared to its average volume of 5,110,665. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $180.74. The firm has a 50 day moving average of $108.29 and a two-hundred day moving average of $77.74.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to analysts' expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm's revenue was up 67.9% compared to the same quarter last year. Research analysts predict that Reddit, Inc. will post -3.54 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RDDT. Bank of America raised their target price on shares of Reddit from $84.00 to $99.00 and gave the company a "neutral" rating in a research note on Wednesday, October 30th. JMP Securities lifted their target price on Reddit from $118.00 to $160.00 and gave the stock a "market outperform" rating in a research note on Monday, November 25th. Raymond James increased their price target on Reddit from $70.00 to $80.00 and gave the company a "strong-buy" rating in a research note on Thursday, October 10th. JPMorgan Chase & Co. lifted their price objective on shares of Reddit from $59.00 to $77.00 and gave the stock a "neutral" rating in a research report on Monday, October 7th. Finally, Morgan Stanley raised shares of Reddit from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $70.00 to $200.00 in a research report on Monday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $110.39.

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.