Allstate Corp Buys Shares of 2,966 Reddit Inc. $RDDT

Key Points

• Allstate Corp acquired a new stake in Reddit Inc. by purchasing 2,966 shares valued at approximately $311,000 in the first quarter.
• Institutional investor JPMorgan Chase & Co. significantly increased its holdings in Reddit by 98.2%, owning nearly 1.9 million shares valued at over $200 million.
• Reddit's stock shows strong performance, with a P/E ratio of 200.08 and a revenue increase of 77.9% year-over-year, while analysts have set a consensus target price of $175.38.

Allstate Corp bought a new position in shares of Reddit Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,966 shares of the company's stock, valued at approximately $311,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RDDT. CWM LLC grew its holdings in Reddit by 100.0% during the first quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after acquiring an additional 128 shares during the period. Stone House Investment Management LLC acquired a new stake in Reddit in the first quarter valued at approximately $31,000. Canton Hathaway LLC acquired a new stake in Reddit in the first quarter valued at approximately $43,000. Olde Wealth Management LLC acquired a new stake in Reddit in the first quarter valued at approximately $46,000. Finally, Fourth Dimension Wealth LLC acquired a new stake in Reddit in the fourth quarter valued at approximately $49,000.

Insider Buying and Selling

In other Reddit news, CTO Christopher Brian Slowe sold 28,000 shares of Reddit stock in a transaction on 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 owned 222,534 shares in the company, valued at $48,721,593.96. The trade was a 11.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 124,409 shares of Reddit stock in a transaction on Monday, June 16th. The shares were sold at an average price of $124.45, for a total value of $15,482,700.05. Following the completion of the sale, the chief executive officer owned 546,133 shares in the company, valued at $67,966,251.85. This represents a 18.55% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 468,777 shares of company stock worth $78,225,996. 34.25% of the stock is owned by corporate insiders.

Reddit Price Performance

Reddit stock traded down $0.26 during trading on Friday, reaching $225.28. 3,918,539 shares of the company were exchanged, compared to its average volume of 8,207,025. Reddit Inc. has a 52-week low of $55.25 and a 52-week high of $253.14. The company has a market capitalization of $42.16 billion, a P/E ratio of 204.80, a PEG ratio of 3.58 and a beta of 2.30. The stock's 50 day simple moving average is $178.21 and its two-hundred day simple moving average is $142.18.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.45 EPS for the quarter, topping 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 firm had revenue of $499.63 million for the quarter, compared to the consensus estimate of $424.07 million. During the same quarter last year, the business posted ($0.06) earnings per share. The firm's revenue was up 77.9% compared to the same quarter last year. Reddit has set its Q3 2025 guidance at EPS. As a group, equities analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

RDDT has been the topic of several research analyst reports. Guggenheim raised their price objective on Reddit from $165.00 to $215.00 and gave the company a "buy" rating in a report on Friday, August 1st. Robert W. Baird raised their price objective on Reddit from $120.00 to $151.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Bank of America raised their price objective on Reddit from $130.00 to $150.00 and gave the company a "neutral" rating in a report on Wednesday, July 30th. Wall Street Zen raised Reddit from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. Finally, Piper Sandler raised their target price on Reddit from $150.00 to $210.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $175.38.

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.