Sumitomo Mitsui Trust Group Inc. Has $69.24 Million Stock Position in Reddit, Inc. (NYSE:RDDT)

Sumitomo Mitsui Trust Group Inc. lessened its position in shares of Reddit, Inc. (NYSE:RDDT) by 17.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 423,636 shares of the company’s stock after selling 89,235 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Reddit were worth $69,239,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Ridgewood Investments LLC lifted its position in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the period. Spire Wealth Management acquired a new position in shares of Reddit in the 4th quarter valued at $35,000. Whittier Trust Co. bought a new position in shares of Reddit during the 3rd quarter worth about $42,000. Blue Trust Inc. acquired a new stake in shares of Reddit during the 4th quarter valued at about $59,000. Finally, New Wave Wealth Advisors LLC bought a new stake in Reddit in the fourth quarter valued at about $69,000.

Insider Activity

In other Reddit news, CFO Andrew Vollero sold 19,838 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the completion of the sale, the chief financial officer now owns 703,615 shares in the company, valued at approximately $100,771,740.30. The trade was a 2.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $125.98, for a total value of $1,763,720.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares in the company, valued at $82,110,614.50. This represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 259,357 shares of company stock valued at $41,121,108 over the last 90 days.

Reddit Trading Up 4.1 %

Shares of RDDT opened at $225.42 on Monday. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $227.05. The business’s fifty day moving average price is $176.42 and its two-hundred day moving average price is $114.02.

Analyst Upgrades and Downgrades

A number of research analysts have commented on RDDT shares. Citigroup raised their price target on shares of Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Robert W. Baird boosted their price target on Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. Needham & Company LLC increased their price objective on Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Bank of America lifted their price objective on Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a report on Wednesday, January 8th. Finally, Jefferies Financial Group increased their target price on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $159.70.

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.