BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Takes Position in Reddit Inc. $RDDT

Key Points

• British Columbia Investment Management Corp acquired 12,632 shares of Reddit Inc., valued at approximately $1,325,000, in the 1st quarter of the year.
• JPMorgan Chase & Co. significantly increased its stake in Reddit by 98.2%, now holding over 1.9 million shares worth about $200 million.
• Reddit's stock has a consensus target price of $175.38, and recent analyst reports have given mixed ratings, with two "Strong Buy" ratings and one "Sell" rating.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new stake in Reddit Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 12,632 shares of the company's stock, valued at approximately $1,325,000.

Other hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in Reddit by 98.2% in the first quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company's stock valued at $200,096,000 after buying an additional 944,847 shares during the period. Ogborne Capital Management LLC purchased a new stake in shares of Reddit during the fourth quarter valued at approximately $11,539,000. Voloridge Investment Management LLC raised its stake in shares of Reddit by 46.3% during the fourth quarter. Voloridge Investment Management LLC now owns 963,516 shares of the company's stock valued at $157,477,000 after purchasing an additional 304,773 shares during the period. Renaissance Capital LLC raised its stake in shares of Reddit by 10.9% during the first quarter. Renaissance Capital LLC now owns 34,636 shares of the company's stock valued at $3,633,000 after purchasing an additional 3,400 shares during the period. Finally, Laurion Capital Management LP purchased a new stake in shares of Reddit during the fourth quarter valued at approximately $2,147,000.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Guggenheim lifted their price objective on shares of Reddit from $165.00 to $215.00 and gave the company a "buy" rating in a research note on Friday, August 1st. JPMorgan Chase & Co. lifted their price objective on shares of Reddit from $145.00 to $190.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Needham & Company LLC lifted their price objective on shares of Reddit from $165.00 to $215.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Seaport Res Ptn upgraded shares of Reddit from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th. Finally, Raymond James Financial reiterated a "strong-buy" rating and set a $225.00 price objective (up previously from $175.00) on shares of Reddit in a research note on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $175.38.

Reddit Price Performance

Shares of NYSE:RDDT traded down $0.26 during midday trading on Friday, reaching $225.28. The company had a trading volume of 3,918,539 shares, compared to its average volume of 8,207,025. The stock's fifty day moving average price is $178.21 and its 200-day moving average price is $142.18. The stock 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. Reddit Inc. has a one year low of $55.25 and a one year high of $253.14.

Reddit (NYSE:RDDT - Get Free Report) last released 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. The firm had revenue of $499.63 million during 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 revenue was up 77.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.06) earnings per share. Reddit has set its Q3 2025 guidance at EPS. As a group, sell-side analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, CFO Andrew Vollero sold 30,000 shares of Reddit stock in a transaction on 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 transaction, the chief financial officer owned 333,806 shares of the company's stock, valued at $39,268,937.84. The trade was a 8.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, 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 transaction of $6,130,320.00. Following the completion of the transaction, the chief technology officer directly owned 222,534 shares of the company's stock, valued at approximately $48,721,593.96. This represents a 11.18% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 468,777 shares of company stock worth $78,225,996. Company insiders own 34.25% of the company's stock.

Reddit Profile

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.