Sumitomo Mitsui Trust Group Inc. Grows Position in Reddit, Inc. (NYSE:RDDT)

Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Reddit, Inc. (NYSE:RDDT) by 64.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 512,871 shares of the company’s stock after acquiring an additional 201,776 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Reddit were worth $33,808,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Whittier Trust Co. purchased a new position in shares of Reddit during the third quarter valued at about $42,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit in the first quarter worth about $37,000. SOA Wealth Advisors LLC. purchased a new position in Reddit during the 2nd quarter valued at approximately $78,000. UMB Bank n.a. bought a new stake in Reddit in the 2nd quarter worth approximately $88,000. Finally, Sandia Investment Management LP purchased a new stake in shares of Reddit during the 1st quarter worth approximately $79,000.

Reddit Stock Down 5.4 %

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

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping the consensus estimate 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 company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The firm’s revenue was up 67.9% compared to the same quarter last year. As a group, equities analysts expect that Reddit, Inc. will post -3.63 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Citigroup raised their target price on shares of Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Roth Mkm boosted their target price on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Jefferies Financial Group upped their target price on shares of Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Raymond James lifted their price target on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 10th. Finally, Loop Capital upped their price objective on Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $89.72.

Insider Buying and Selling

In other news, COO Jennifer L. Wong sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total value of $3,250,500.00. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $100,275,129.57. This represents a 3.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Benjamin Seong Lee sold 45,807 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total transaction of $2,473,119.93. Following the transaction, the insider now owns 194,473 shares in the company, valued at approximately $10,499,597.27. This represents a 19.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 364,327 shares of company stock valued at $23,298,794 over the last three months.

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.