Bank of Montreal Can Takes Position in Reddit, Inc. (NYSE:RDDT)

Bank of Montreal Can purchased a new position in Reddit, Inc. (NYSE:RDDT) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 7,194 shares of the company’s stock, valued at approximately $1,176,000.

Several other institutional investors have also recently made changes to their positions in the company. Jennison Associates LLC bought a new position in Reddit in the 4th quarter valued at $494,861,000. Renaissance Capital LLC increased its holdings in Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after purchasing an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. increased its position in Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after purchasing an additional 139,135 shares during the period. Assetmark Inc. increased its holdings in Reddit by 1,537,566.7% during the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock valued at $7,539,000 after buying an additional 46,127 shares during the period. Finally, Chung Wu Investment Group LLC purchased a new position in shares of Reddit in the 4th quarter valued at $327,000.

Reddit Stock Up 0.7 %

Shares of NYSE RDDT opened at $96.04 on Friday. The firm has a 50-day simple moving average of $131.49 and a 200-day simple moving average of $140.37. The stock has a market capitalization of $17.37 billion and a price-to-earnings ratio of -12.42. Reddit, Inc. has a 52 week low of $40.17 and a 52 week high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating 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 research analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Robert W. Baird boosted their price objective on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Seaport Res Ptn raised Reddit to a “hold” rating in a report on Thursday, February 6th. Redburn Atlantic began coverage on shares of Reddit in a report on Monday, March 17th. They set a “sell” rating and a $75.00 price objective on the stock. The Goldman Sachs Group reduced their target price on Reddit from $185.00 to $124.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Finally, JMP Securities set a $155.00 price objective on shares of Reddit in a research note on Friday, March 28th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $142.22.

Insider Buying and Selling at Reddit

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total transaction of $920,750.00. Following the completion of the sale, the chief technology officer now owns 35,252 shares in the company, valued at $6,491,655.80. This trade represents a 12.42 % decrease in their position. The sale was disclosed in a filing 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, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $124,083,012.24. The trade was a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 714,202 shares of company stock worth $96,326,958 in the last three months.

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.