AdvisorNet Financial Inc Increases Stock Holdings in Reddit Inc. $RDDT

Key Points

• AdvisorNet Financial Inc increased its stake in Reddit Inc. (NYSE:RDDT) by 81.5% during the 2nd quarter, bringing their total holdings to 2,398 shares valued at approximately $361,000.
• Reddit's quarterly revenue grew 77.9% year-over-year, reaching $499.63 million, with earnings per share of $0.45, significantly surpassing analysts' estimates.
• Several hedge funds have recently increased their positions in Reddit, with notable boosts including UBS AM, which raised its holdings by 154.5% to own 105,180 shares valued at about $17.19 million.

AdvisorNet Financial Inc raised its stake in Reddit Inc. (NYSE:RDDT - Free Report) by 81.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,398 shares of the company's stock after purchasing an additional 1,077 shares during the period. AdvisorNet Financial Inc's holdings in Reddit were worth $361,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Reddit by 154.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 105,180 shares of the company's stock valued at $17,191,000 after acquiring an additional 63,857 shares during the period. Mackenzie Financial Corp acquired a new stake in shares of Reddit in the fourth quarter valued at approximately $316,000. Integrated Advisors Network LLC acquired a new stake in shares of Reddit in the fourth quarter valued at approximately $491,000. Jefferies Financial Group Inc. acquired a new stake in shares of Reddit in the fourth quarter valued at approximately $917,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Reddit in the fourth quarter valued at approximately $2,208,000.

Insider Buying and Selling

In other Reddit news, insider Benjamin Seong Lee sold 6,426 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $220.28, for a total value of $1,415,519.28. Following the completion of the sale, the insider owned 83,445 shares of the company's stock, valued at approximately $18,381,264.60. This trade represents a 7.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 30,741 shares of the firm's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $257.28, for a total value of $7,909,044.48. Following the completion of the sale, the chief operating officer directly owned 1,295,968 shares of the company's stock, valued at approximately $333,426,647.04. This trade represents a 2.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 393,834 shares of company stock valued at $84,507,699 in the last quarter. Corporate insiders own 34.25% of the company's stock.

Reddit Price Performance

Shares of NYSE RDDT opened at $235.48 on Thursday. Reddit Inc. has a 1-year low of $64.51 and a 1-year high of $282.95. The stock has a fifty day moving average price of $214.17 and a 200 day moving average price of $151.32. The company has a market cap of $44.07 billion, a PE ratio of 214.07, a P/E/G ratio of 3.74 and a beta of 2.40.

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 analysts' consensus estimates of $0.20 by $0.25. Reddit had a return on equity of 9.93% and a net margin of 12.97%.The company had revenue of $499.63 million during the quarter, compared to the consensus estimate of $424.07 million. During the same quarter last year, the company earned ($0.06) earnings per share. Reddit's quarterly revenue was up 77.9% compared to the same quarter last year. Reddit has set its Q3 2025 guidance at EPS. Analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RDDT has been the subject of several research analyst reports. Citigroup reissued an "outperform" rating on shares of Reddit in a report on Thursday, September 18th. Loop Capital decreased their price objective on Reddit from $210.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, June 12th. Piper Sandler increased their price objective on Reddit from $210.00 to $290.00 and gave the company an "overweight" rating in a report on Thursday, September 18th. Robert W. Baird increased their price target on Reddit from $120.00 to $151.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and set a $212.00 price target on shares of Reddit in a report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $197.88.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.