M&T Bank Corp Increases Stake in Reddit Inc. $RDDT

M&T Bank Corp increased its holdings in Reddit Inc. (NYSE:RDDT) by 2,052.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 42,836 shares of the company’s stock after purchasing an additional 40,846 shares during the period. M&T Bank Corp’s holdings in Reddit were worth $9,847,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Resona Asset Management Co. Ltd. boosted its stake in shares of Reddit by 53.2% in the 3rd quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock valued at $7,166,000 after purchasing an additional 10,743 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Reddit by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after purchasing an additional 1,401,293 shares in the last quarter. Optimize Financial Inc purchased a new stake in shares of Reddit in the 3rd quarter valued at $1,420,000. WT Asset Management Ltd purchased a new stake in shares of Reddit in the 3rd quarter valued at $92,973,000. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Reddit by 95.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock valued at $3,712,000 after buying an additional 7,881 shares during the period.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Morgan Stanley set a $240.00 price target on shares of Reddit in a research report on Friday, February 6th. Citigroup assumed coverage on shares of Reddit in a research report on Tuesday. They set a “buy” rating for the company. JPMorgan Chase & Co. dropped their price target on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Citizens Jmp dropped their price target on shares of Reddit from $300.00 to $250.00 and set a “market outperform” rating for the company in a research report on Wednesday. Finally, Wall Street Zen cut shares of Reddit from a “buy” rating to a “hold” rating in a research report on Wednesday, April 8th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Reddit has an average rating of “Moderate Buy” and an average price target of $234.22.

Reddit Trading Up 1.2%

Shares of NYSE RDDT opened at $154.79 on Friday. Reddit Inc. has a 12 month low of $94.89 and a 12 month high of $282.95. The firm has a market capitalization of $29.57 billion, a PE ratio of 59.08, a price-to-earnings-growth ratio of 1.11 and a beta of 2.40. The firm has a fifty day simple moving average of $143.49 and a two-hundred day simple moving average of $185.81.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, February 5th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The business had revenue of $725.61 million during the quarter, compared to analyst estimates of $665.80 million. During the same period in the prior year, the business earned $0.36 EPS. The company’s revenue for the quarter was up 69.7% on a year-over-year basis. On average, sell-side analysts predict that Reddit Inc. will post 4.02 earnings per share for the current year.

Insider Activity at Reddit

In other Reddit news, Director Sarah E. Farrell purchased 43,800 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The stock was bought at an average cost of $149.52 per share, for a total transaction of $6,548,976.00. Following the purchase, the director directly owned 43,800 shares in the company, valued at $6,548,976. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the completion of the transaction, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at approximately $175,752,182.97. The trade was a 3.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have acquired 61,000 shares of company stock valued at $8,870,815 and have sold 298,441 shares valued at $44,170,999. 34.25% of the stock is currently owned by corporate insiders.

Reddit Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.