Sumitomo Mitsui Trust Group Inc. Sells 74,020 Shares of Reddit Inc. $RDDT

by · The Markets Daily

Sumitomo Mitsui Trust Group Inc. cut its holdings in Reddit Inc. (NYSE:RDDT – Free Report) by 17.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 352,728 shares of the company’s stock after selling 74,020 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Reddit were worth $53,110,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Petrus Trust Company LTA bought a new position in Reddit in the 1st quarter worth approximately $473,000. JPMorgan Chase & Co. lifted its stake in Reddit by 98.2% in the 1st quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company’s stock worth $200,096,000 after purchasing an additional 944,847 shares in the last quarter. Greycroft LP lifted its stake in Reddit by 109.1% in the 1st quarter. Greycroft LP now owns 11,500 shares of the company’s stock worth $1,206,000 after purchasing an additional 6,000 shares in the last quarter. Think Investments LP lifted its stake in Reddit by 10.3% in the 1st quarter. Think Investments LP now owns 268,000 shares of the company’s stock worth $28,113,000 after purchasing an additional 25,000 shares in the last quarter. Finally, Sender Co & Partners Inc. purchased a new stake in Reddit in the 1st quarter worth approximately $1,367,000.

Wall Street Analyst Weigh In

Several research firms have issued reports on RDDT. Robert W. Baird increased their target price on shares of Reddit from $177.00 to $240.00 and gave the stock a “neutral” rating in a research note on Thursday, September 25th. Bank of America increased their target price on shares of Reddit from $130.00 to $150.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 30th. JPMorgan Chase & Co. increased their target price on shares of Reddit from $145.00 to $190.00 and gave the stock a “neutral” rating in a research note on Friday, August 1st. The Goldman Sachs Group reiterated a “neutral” rating and issued a $236.00 target price on shares of Reddit in a research note on Tuesday, October 14th. Finally, Wall Street Zen upgraded shares of Reddit from a “hold” rating to a “buy” rating in a research note on Sunday, September 7th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $217.50.

Check Out Our Latest Report on RDDT

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 14,000 shares of the firm’s stock in a transaction on Wednesday, October 22nd. The shares were sold at an average price of $197.10, for a total value of $2,759,400.00. Following the sale, the chief technology officer owned 204,534 shares of the company’s stock, valued at $40,313,651.40. This trade represents a 6.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jennifer L. Wong sold 30,659 shares of the firm’s stock in a transaction on Thursday, October 23rd. The stock was sold at an average price of $201.82, for a total transaction of $6,187,599.38. Following the completion of the sale, the chief operating officer directly owned 1,295,968 shares in the company, valued at approximately $261,552,261.76. This trade represents a 2.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 419,626 shares of company stock valued at $94,485,676 in the last quarter. Insiders own 34.25% of the company’s stock.

Reddit Stock Performance

RDDT stock opened at $219.37 on Tuesday. Reddit Inc. has a 52 week low of $79.10 and a 52 week high of $282.95. The firm’s fifty day moving average is $224.97 and its 200 day moving average is $167.76. The firm has a market cap of $41.06 billion, a P/E ratio of 199.42, a P/E/G ratio of 3.27 and a beta of 2.23.

Reddit (NYSE:RDDT – Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.20 by $0.25. Reddit had a net margin of 12.97% and a return on equity of 9.93%. The company had revenue of $499.63 million for the quarter, compared to analyst estimates of $424.07 million. During the same quarter last year, the firm earned ($0.06) EPS. The firm’s quarterly revenue was up 77.9% compared to the same quarter last year. Reddit has set its Q3 2025 guidance at EPS. As a group, analysts forecast that Reddit Inc. will post 1.12 EPS for the current year.

Reddit Company Profile

(Free Report)

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.

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