UMB Bank n.a. Has $2.84 Million Position in Reddit Inc. $RDDT

UMB Bank n.a. boosted its holdings in Reddit Inc. (NYSE:RDDT) by 772.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,332 shares of the company’s stock after purchasing an additional 10,919 shares during the quarter. UMB Bank n.a.’s holdings in Reddit were worth $2,836,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Resona Asset Management Co. Ltd. boosted its holdings in shares of Reddit by 53.2% during the third quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock worth $7,166,000 after purchasing an additional 10,743 shares during the period. Teacher Retirement System of Texas lifted its holdings in shares of Reddit by 880.5% during the second quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company’s stock valued at $14,255,000 after purchasing an additional 85,020 shares during the last quarter. J. Safra Sarasin Holding AG bought a new position in Reddit in the 2nd quarter worth about $226,000. Plato Investment Management Ltd boosted its stake in Reddit by 120.2% during the 2nd quarter. Plato Investment Management Ltd now owns 2,970 shares of the company’s stock valued at $446,000 after purchasing an additional 1,621 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in Reddit by 95.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock valued at $3,712,000 after purchasing an additional 7,881 shares in the last quarter.

Insider Buying and Selling

In other news, COO Jennifer L. Wong sold 63,427 shares of the firm’s stock in a transaction on Monday, November 24th. The shares were sold at an average price of $192.72, for a total value of $12,223,651.44. Following the completion of the sale, the chief operating officer owned 1,184,528 shares in the company, valued at approximately $228,282,236.16. This trade represents a 5.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $215.19, for a total transaction of $3,873,420.00. Following the transaction, the chief executive officer owned 448,576 shares in the company, valued at approximately $96,529,069.44. This trade represents a 3.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 519,422 shares of company stock worth $113,573,815. Insiders own 34.25% of the company’s stock.

Reddit Stock Down 5.2%

Shares of RDDT opened at $180.13 on Monday. The company has a market capitalization of $34.13 billion, a price-to-earnings ratio of 103.52, a price-to-earnings-growth ratio of 1.25 and a beta of 2.17. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95. The stock has a 50 day moving average price of $226.40 and a 200 day moving average price of $215.23.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.30. The business had revenue of $584.91 million during the quarter, compared to the consensus estimate of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The company’s revenue was up 67.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.16 EPS. On average, equities analysts anticipate that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

RDDT has been the subject of a number of recent analyst reports. Sanford C. Bernstein upped their price target on shares of Reddit from $190.00 to $210.00 and gave the stock a “market perform” rating in a research report on Friday, October 31st. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $285.00 target price on shares of Reddit in a report on Tuesday, January 20th. Guggenheim reiterated a “buy” rating and set a $245.00 price objective on shares of Reddit in a research report on Friday, January 23rd. Bank of America lifted their price objective on shares of Reddit from $180.00 to $210.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. Finally, Cantor Fitzgerald began coverage on shares of Reddit in a research report on Thursday, January 8th. They set a “neutral” rating and a $240.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $245.36.

About Reddit

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.