PNC Financial Services Group Inc. Has $677,000 Stock Holdings in Reddit Inc. $RDDT
PNC Financial Services Group Inc. increased its position in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 49.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,493 shares of the company's stock after acquiring an additional 1,490 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Reddit were worth $677,000 as of its most recent SEC filing. Several other large investors have also recently bought and sold shares of RDDT. Alliancebernstein L.P. boosted its position in shares of Reddit by 103.0% during the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company's stock worth $593,733,000 after purchasing an additional 2,871,232 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Reddit by 21,703.0% in the 2nd quarter. Nordea Investment Management AB now owns 1,060,935 shares of the company's stock valued at $164,021,000 after buying an additional 1,056,069 shares in the last quarter. Vanguard Group Inc. raised its stake in Reddit by 11.1% during the 1st quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company's stock worth $1,069,828,000 after buying an additional 1,017,162 shares during the period. JPMorgan Chase & Co. raised its stake in Reddit by 98.2% during the 1st quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company's stock worth $200,096,000 after buying an additional 944,847 shares during the period. Finally, Scge Management L.P. lifted its holdings in Reddit by 121.1% during the first quarter. Scge Management L.P. now owns 1,612,000 shares of the company's stock worth $169,099,000 after acquiring an additional 883,000 shares in the last quarter. Insider Buying and SellingIn other news, COO Jennifer L. Wong sold 30,806 shares of the company's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $218.55, for a total transaction of $6,732,651.30. Following the sale, the chief operating officer owned 1,326,709 shares in the company, valued at $289,952,251.95. This represents a 2.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $229.10, for a total value of $4,123,800.00. Following the completion of the sale, the chief executive officer directly owned 494,104 shares of the company's stock, valued at approximately $113,199,226.40. The trade was a 3.51% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 317,140 shares of company stock worth $69,998,775 over the last 90 days. Company insiders own 34.25% of the company's stock. Analyst Ratings ChangesSeveral equities research analysts have issued reports on the company. Roth Capital set a $210.00 price target on Reddit in a report on Friday, October 31st. B. Riley reiterated a "buy" rating and set a $245.00 price objective (up previously from $235.00) on shares of Reddit in a report on Friday, October 31st. Morgan Stanley reissued an "overweight" rating and set a $250.00 target price on shares of Reddit in a research note on Friday, October 31st. Oppenheimer raised their target price on shares of Reddit from $215.00 to $300.00 and gave the stock an "outperform" rating in a report on Tuesday, September 16th. Finally, Citigroup upped their price target on shares of Reddit from $250.00 to $265.00 and gave the company a "buy" rating in a report on Monday, November 3rd. Three research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Reddit currently has an average rating of "Moderate Buy" and a consensus target price of $226.33.View Our Latest Stock Report on RedditReddit Stock PerformanceNYSE RDDT opened at $183.39 on Friday. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95. The stock's 50 day moving average price is $211.95 and its two-hundred day moving average price is $179.53. The stock has a market capitalization of $34.75 billion, a price-to-earnings ratio of 105.40, a PEG ratio of 2.02 and a beta of 2.14. Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $584.91 million during the quarter, compared to analysts' expectations of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The business's quarterly revenue was up 67.9% on a year-over-year basis. During the same period last year, the business earned $0.16 EPS. Reddit has set its Q4 2025 guidance at EPS. On average, equities research analysts forecast that Reddit Inc. will post 1.12 EPS for the current year. Reddit 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.Recommended StoriesThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Before you consider Reddit, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Reddit wasn't on the list.While Reddit currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.Enter your email address and we'll send you MarketBeat's list of seven best retirement stocks and why they should be in your portfolio. Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
