EFG Asset Management North America Corp. Takes $971,000 Position in Reddit Inc. $RDDT

Key Points

• EFG Asset Management North America Corp. has acquired a new stake in Reddit Inc., purchasing 9,253 shares valued at approximately $971,000 during the first quarter.
• Multiple hedge funds have significantly increased their stakes in Reddit, with Alliancebernstein L.P. and Vanguard Group Inc. showing notable growth in their positions recently.
• Reddit reported a strong quarterly earnings result, exceeding analysts' expectations with an EPS of $0.45 and a revenue of $499.63 million, reflecting a 77.9% year-over-year growth.

EFG Asset Management North America Corp. purchased a new stake in Reddit Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 9,253 shares of the company's stock, valued at approximately $971,000.

Several other hedge funds also recently bought and sold shares of RDDT. Alliancebernstein L.P. grew its stake in Reddit by 103.0% during the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company's stock valued at $593,733,000 after acquiring an additional 2,871,232 shares in the last quarter. Whale Rock Capital Management LLC purchased a new position in Reddit during the fourth quarter valued at approximately $204,054,000. Vanguard Group Inc. grew its stake in Reddit by 11.1% during the first quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company's stock valued at $1,069,828,000 after acquiring an additional 1,017,162 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Reddit by 98.2% during the first quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company's stock valued at $200,096,000 after acquiring an additional 944,847 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its stake in Reddit by 424.6% during the fourth quarter. Nuveen Asset Management LLC now owns 932,991 shares of the company's stock valued at $152,488,000 after acquiring an additional 755,152 shares in the last quarter.

Analyst Ratings Changes

RDDT has been the subject of several recent analyst reports. Robert W. Baird boosted their price objective on shares of Reddit from $120.00 to $151.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. boosted 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 boosted 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. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $210.00 price objective on shares of Reddit in a research note on Friday, August 22nd. Finally, Raymond James Financial reissued a "strong-buy" rating and issued a $225.00 price target (up previously from $175.00) on shares of Reddit in a research note on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $175.38.

Reddit Price Performance

RDDT stock opened at $232.30 on Friday. Reddit Inc. has a one year low of $55.25 and a one year high of $253.14. The stock has a market cap of $43.48 billion, a PE ratio of 211.18, a P/E/G ratio of 3.54 and a beta of 2.40. The firm has a 50 day simple moving average of $185.02 and a two-hundred day simple moving average of $142.77.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results 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 net margin of 12.97% and a return on equity of 9.93%. The business had revenue of $499.63 million during the quarter, compared to analysts' expectations of $424.07 million. During the same quarter in the previous year, the company earned ($0.06) EPS. The business's quarterly revenue was up 77.9% compared to the same quarter last year. Reddit has set its Q3 2025 guidance at EPS. On average, research analysts expect that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the business's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $223.41, for a total value of $4,021,380.00. Following the completion of the sale, the chief executive officer directly owned 494,104 shares in the company, valued at approximately $110,387,774.64. The trade was a 3.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Christopher Brian Slowe sold 10,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $220.25, for a total transaction of $2,202,500.00. Following the completion of the sale, the chief technology officer owned 212,534 shares of the company's stock, valued at approximately $46,810,613.50. The trade was a 4.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 516,777 shares of company stock worth $88,790,076. Corporate insiders own 34.25% of the company's stock.

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.

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