Alliancebernstein L.P. Purchases 2,871,232 Shares of Reddit Inc. $RDDT

Key Points

• Alliancebernstein L.P. significantly increased its holdings in Reddit Inc. by 103%, acquiring an additional 2,871,232 shares to own about 3.13% of the company's stock, valued at $593.7 million.
• In recent insider transactions, COO Jennifer L. Wong sold 40,967 shares for over $9 million, while CFO Andrew Vollero sold 30,000 shares, demonstrating notable insider activity within the company.
• Analysts have varied views on Reddit's stock, with price targets ranging significantly; Morgan Stanley raised its target to $230.00, while JPMorgan set a target of $190.00, reflecting a consensus average rating of "Moderate Buy."

Alliancebernstein L.P. raised its holdings in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 103.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,659,990 shares of the company's stock after purchasing an additional 2,871,232 shares during the quarter. Alliancebernstein L.P. owned 3.13% of Reddit worth $593,733,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Signaturefd LLC increased its stake in Reddit by 3.5% during the 1st quarter. Signaturefd LLC now owns 2,859 shares of the company's stock valued at $300,000 after purchasing an additional 97 shares in the last quarter. CWM LLC increased its stake in Reddit by 100.0% during the 1st quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after purchasing an additional 128 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Reddit by 12.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,323 shares of the company's stock valued at $139,000 after purchasing an additional 147 shares in the last quarter. Morling Financial Advisors LLC boosted its holdings in Reddit by 3.8% during the 1st quarter. Morling Financial Advisors LLC now owns 5,487 shares of the company's stock worth $576,000 after acquiring an additional 202 shares during the last quarter. Finally, Wedbush Securities Inc. boosted its holdings in Reddit by 10.3% during the 1st quarter. Wedbush Securities Inc. now owns 2,487 shares of the company's stock worth $261,000 after acquiring an additional 233 shares during the last quarter.

Insider Activity at Reddit

In related news, CTO Christopher Brian Slowe sold 28,000 shares of the business's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $218.94, for a total value of $6,130,320.00. Following the sale, the chief technology officer directly owned 222,534 shares in the company, valued at approximately $48,721,593.96. The trade was a 11.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 30,000 shares of the business's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $117.64, for a total value of $3,529,200.00. Following the completion of the sale, the chief financial officer owned 333,806 shares in the company, valued at $39,268,937.84. This represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 516,777 shares of company stock valued at $88,790,076 over the last quarter. Corporate insiders own 34.25% of the company's stock.

Wall Street Analyst Weigh In

RDDT has been the topic of a number of analyst reports. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $212.00 price objective on shares of Reddit in a report on Friday, August 1st. JMP Securities lifted their price objective on shares of Reddit from $180.00 to $225.00 and gave the stock a "market outperform" rating in a report on Friday, August 1st. Loop Capital cut their price objective on shares of Reddit from $210.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, June 12th. Sanford C. Bernstein lifted their price objective on shares of Reddit from $130.00 to $150.00 and gave the stock a "market perform" rating in a report on Tuesday, July 22nd. Finally, Morgan Stanley lifted their price objective on shares of Reddit from $170.00 to $230.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $175.38.

Reddit Trading Up 3.5%

Shares of NYSE:RDDT traded up $8.08 during midday trading on Friday, reaching $240.19. The company had a trading volume of 5,551,228 shares, compared to its average volume of 5,904,451. The company's 50 day moving average price is $186.96 and its 200 day moving average price is $143.13. The stock has a market cap of $44.95 billion, a P/E ratio of 218.35, a P/E/G ratio of 3.68 and a beta of 2.40. Reddit Inc. has a 52-week low of $55.25 and a 52-week high of $253.14.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.45 earnings per share for the quarter, topping analysts' consensus estimates of $0.20 by $0.25. The company had revenue of $499.63 million for the quarter, compared to the consensus estimate of $424.07 million. Reddit had a net margin of 12.97% and a return on equity of 9.93%. The firm's quarterly revenue was up 77.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.06) EPS. Reddit has set its Q3 2025 guidance at EPS. Research analysts forecast that Reddit Inc. will post 1.12 EPS for the current fiscal year.

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.