Flaharty Asset Management LLC Invests $210,000 in Reddit Inc. $RDDT

Key Points

• Flaharty Asset Management LLC has invested $210,000 in Reddit Inc. by purchasing 2,000 shares, marking a new position revealed in their recent SEC filing.
• Several hedge funds, including Alliancebernstein L.P. and Vanguard Group Inc., have significantly increased their stakes in Reddit, reflecting heightened interest in the company.
• Analysts have shown optimism for Reddit's stock, with multiple firms raising their price targets, including a recent target increase from $175.00 to $225.00 by Raymond James Financial.

Flaharty Asset Management LLC purchased a new position in Reddit Inc. (NYSE:RDDT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,000 shares of the company's stock, valued at approximately $210,000.

Several other hedge funds have also recently modified their holdings of RDDT. Alliancebernstein L.P. raised its stake in shares of Reddit by 103.0% in the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company's stock worth $593,733,000 after purchasing an additional 2,871,232 shares during the last quarter. Whale Rock Capital Management LLC purchased a new position in shares of Reddit in the fourth quarter worth $204,054,000. Vanguard Group Inc. raised its stake in shares of Reddit by 11.1% in the first quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company's stock worth $1,069,828,000 after purchasing an additional 1,017,162 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Reddit by 98.2% in the first quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company's stock worth $200,096,000 after purchasing an additional 944,847 shares during the last quarter. Finally, Scge Management L.P. grew its holdings in shares of Reddit by 121.1% in the first quarter. Scge Management L.P. now owns 1,612,000 shares of the company's stock worth $169,099,000 after acquiring an additional 883,000 shares during the period.

Analyst Ratings Changes

RDDT has been the subject of several research analyst reports. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $225.00 price objective (up previously from $175.00) on shares of Reddit in a report on Friday, August 1st. Needham & Company LLC lifted their price objective on Reddit from $165.00 to $215.00 and gave the stock a "buy" rating in a report on Friday, August 1st. JPMorgan Chase & Co. lifted their price objective on Reddit from $145.00 to $190.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Robert W. Baird lifted their price objective on Reddit from $120.00 to $151.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Finally, Argus initiated coverage on Reddit in a report on Monday, August 18th. They issued a "buy" rating and a $250.00 price objective for the company. Two investment 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 given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $180.58.

Reddit Stock Performance

NYSE:RDDT opened at $239.81 on Wednesday. The stock has a 50-day simple moving average of $190.30 and a two-hundred day simple moving average of $143.71. Reddit Inc. has a 52-week low of $55.48 and a 52-week high of $253.14. The firm has a market capitalization of $44.88 billion, a PE ratio of 218.01, a P/E/G ratio of 3.65 and a beta of 2.40.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.25. The business 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%.Reddit's revenue for the quarter 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. Equities analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 28,000 shares of the company'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 completion of the transaction, the chief technology officer owned 222,534 shares of the company's stock, valued at $48,721,593.96. This represents a 11.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Jennifer L. Wong sold 40,967 shares of the company's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $220.38, for a total value of $9,028,307.46. Following the completion of the transaction, the chief operating officer directly owned 120,033 shares of the company's stock, valued at approximately $26,452,872.54. This trade represents a 25.45% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 516,777 shares of company stock worth $88,790,076. 34.25% of the stock is currently owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.