Fishman Jay A Ltd. MI Boosts Stake in Reddit Inc. $RDDT

Key Points

• Fishman Jay A Ltd. MI increased its stake in Reddit Inc. by 27.3% in Q2, now holding 124,255 shares valued at approximately $18.7 million.
• Insider selling has occurred recently, with CEO Steve Ladd Huffman offloading 18,000 shares and CFO Andrew Vollero selling 30,000 shares, reflecting a decrease in their respective ownerships.
• Reddit reported a significant 77.9% year-over-year revenue growth for Q2, beating analyst expectations with a recorded revenue of $499.63 million.

Fishman Jay A Ltd. MI boosted its position in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 27.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 124,255 shares of the company's stock after acquiring an additional 26,625 shares during the quarter. Reddit accounts for 1.8% of Fishman Jay A Ltd. MI's portfolio, making the stock its 15th biggest holding. Fishman Jay A Ltd. MI owned 0.07% of Reddit worth $18,709,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Petrus Trust Company LTA purchased a new stake in Reddit during the first quarter valued at $473,000. JPMorgan Chase & Co. increased its position 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 during the last quarter. Greycroft LP increased its position in Reddit by 109.1% during the first quarter. Greycroft LP now owns 11,500 shares of the company's stock valued at $1,206,000 after acquiring an additional 6,000 shares during the last quarter. Think Investments LP increased its position in Reddit by 10.3% during the first quarter. Think Investments LP now owns 268,000 shares of the company's stock valued at $28,113,000 after acquiring an additional 25,000 shares during the last quarter. Finally, Sender Co & Partners Inc. purchased a new stake in Reddit during the first quarter valued at $1,367,000.

Wall Street Analyst Weigh In

RDDT has been the subject of a number of analyst reports. Weiss Ratings restated a "hold (c-)" rating on shares of Reddit in a research report on Saturday, September 27th. The Goldman Sachs Group restated a "neutral" rating and issued a $212.00 price target on shares of Reddit in a research report on Friday, August 1st. Morgan Stanley upped their price target on Reddit from $170.00 to $230.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Zacks Research cut Reddit from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 30th. Finally, Argus initiated coverage on Reddit in a research report on Monday, August 18th. They issued a "buy" rating and a $250.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $201.58.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $229.10, for a total value of $4,123,800.00. Following the sale, the chief executive officer directly owned 494,104 shares in the company, valued at approximately $113,199,226.40. This represents a 3.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Andrew Vollero sold 30,000 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $218.09, for a total value of $6,542,700.00. Following the completion of the sale, the chief financial officer owned 284,168 shares in the company, valued at approximately $61,974,199.12. The trade was a 9.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 397,834 shares of company stock worth $86,512,599. 34.25% of the stock is currently owned by company insiders.

Reddit Trading Up 3.1%

Shares of Reddit stock opened at $207.24 on Monday. The stock has a 50 day moving average of $224.76 and a 200 day moving average of $156.89. Reddit Inc. has a 12 month low of $68.80 and a 12 month high of $282.95. The firm has a market cap of $38.79 billion, a PE ratio of 188.40, a PEG ratio of 3.26 and a beta of 2.23.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly 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. The company had revenue of $499.63 million during the quarter, compared to analyst estimates of $424.07 million. Reddit had a return on equity of 9.93% and a net margin of 12.97%.The firm's revenue was up 77.9% on a year-over-year basis. During the same period in the prior year, the company earned ($0.06) earnings per share. Reddit has set its Q3 2025 guidance at EPS. As a group, equities research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Reddit Company 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.

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