Reddit Inc. $RDDT Stock Holdings Increased by Moore Capital Management LP

Moore Capital Management LP grew its position in shares of Reddit Inc. (NYSE:RDDT) by 611.4% during the second quarter, HoldingsChannel reports. The institutional investor owned 12,577 shares of the company’s stock after buying an additional 10,809 shares during the quarter. Moore Capital Management LP’s holdings in Reddit were worth $2,183,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in RDDT. Sigma Planning Corp increased its holdings in shares of Reddit by 36.5% in the 2nd quarter. Sigma Planning Corp now owns 2,588 shares of the company’s stock valued at $449,000 after acquiring an additional 692 shares during the last quarter. Two Sigma Securities LLC acquired a new position in Reddit in the second quarter worth $809,000. Northwestern Mutual Wealth Management Co. increased its stake in Reddit by 17.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 241,980 shares of the company’s stock valued at $42,003,000 after purchasing an additional 36,090 shares during the last quarter. Wedbush Securities Inc. increased its stake in Reddit by 8.9% during the second quarter. Wedbush Securities Inc. now owns 2,783 shares of the company’s stock valued at $483,000 after purchasing an additional 228 shares during the last quarter. Finally, Thornburg Investment Management Inc. increased its stake in Reddit by 306.1% during the second quarter. Thornburg Investment Management Inc. now owns 34,236 shares of the company’s stock valued at $5,943,000 after purchasing an additional 25,805 shares during the last quarter.

Insiders Place Their Bets

In other Reddit news, CAO Michelle Marie Reynolds sold 808 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total transaction of $161,600.00. Following the transaction, the chief accounting officer owned 15,060 shares of the company’s stock, valued at approximately $3,012,000. This trade represents a 5.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $178.16, for a total transaction of $3,206,880.00. Following the sale, the chief executive officer owned 373,814 shares in the company, valued at $66,598,702.24. This trade represents a 4.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 192,102 shares of company stock valued at $33,710,892 over the last three months. 28.48% of the stock is currently owned by company insiders.

Reddit Trading Down 3.2%

NYSE RDDT opened at $148.11 on Tuesday. The company has a 50-day moving average price of $171.33 and a two-hundred day moving average price of $158.49. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95. The stock has a market cap of $28.50 billion, a price-to-earnings ratio of 34.44, a price-to-earnings-growth ratio of 0.51 and a beta of 2.04.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The company had revenue of $804.91 million for the quarter, compared to analysts’ expectations of $731.00 million. During the same quarter in the previous year, the company posted $0.45 earnings per share. The business’s revenue for the quarter was up 61.0% compared to the same quarter last year. As a group, equities research analysts expect that Reddit Inc. will post 5.27 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Truist Financial raised their price target on shares of Reddit from $265.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Robert W. Baird set a $185.00 price objective on shares of Reddit in a research note on Friday, July 31st. Evercore reissued an “outperform” rating and issued a $265.00 target price on shares of Reddit in a report on Friday, July 31st. Loop Capital restated a “buy” rating and issued a $260.00 target price on shares of Reddit in a research note on Thursday, June 4th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Reddit in a report on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, Reddit has an average rating of “Moderate Buy” and an average price target of $221.10.

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.