Fred Alger Management LLC Sells 11,780 Shares of Reddit Inc. $RDDT

Key Points

• Fred Alger Management LLC cut its stake in Reddit Inc. by 60.4%, selling 11,780 shares during the first quarter, leaving them with 7,735 shares valued at approximately $811,000.
• JPMorgan Chase & Co. significantly increased its holdings in Reddit by 98.2% during the same period, now owning 1,907,495 shares worth about $200.1 million.
• Reddit's quarterly earnings report revealed an earnings per share of $0.45, which surpassed analysts' expectations of $0.20, alongside a 77.9% increase in revenue compared to the previous year.

Fred Alger Management LLC reduced its stake in Reddit Inc. (NYSE:RDDT - Free Report) by 60.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,735 shares of the company's stock after selling 11,780 shares during the quarter. Fred Alger Management LLC's holdings in Reddit were worth $811,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Petrus Trust Company LTA bought a new position in Reddit in the 1st quarter worth $473,000. JPMorgan Chase & Co. raised its holdings in Reddit by 98.2% in the 1st 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 period. Greycroft LP raised its holdings 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 period. Think Investments LP raised its holdings 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 period. Finally, Sender Co & Partners Inc. bought a new stake in Reddit during the first quarter valued at about $1,367,000.

Analyst Upgrades and Downgrades

A number of research firms have commented on RDDT. Roth Capital raised their price target on Reddit from $130.00 to $145.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Needham & Company LLC raised their price target on Reddit from $165.00 to $215.00 and gave the company a "buy" rating in a report on Friday, August 1st. JPMorgan Chase & Co. raised their price target on Reddit from $145.00 to $190.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Royal Bank Of Canada reissued a "sector perform" rating and set a $210.00 price target on shares of Reddit in a report on Friday, August 22nd. Finally, The Goldman Sachs Group reissued a "neutral" rating and set a $212.00 price target on shares of Reddit in a report on Friday, August 1st. Two investment 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's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $180.58.

Insider Transactions at Reddit

In related news, CFO Andrew Vollero sold 30,000 shares of Reddit stock in a transaction dated Friday, June 13th. The stock was 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 in the company, valued at approximately $39,268,937.84. This trade represents a 8.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Christopher Brian Slowe sold 28,000 shares of Reddit 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 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 have sold 530,777 shares of company stock worth $92,101,216. 34.25% of the stock is currently owned by company insiders.

Reddit Stock Up 7.8%

Shares of Reddit stock opened at $259.04 on Thursday. The firm has a market cap of $48.48 billion, a price-to-earnings ratio of 235.49, a PEG ratio of 3.81 and a beta of 2.40. The business has a 50-day moving average price of $192.30 and a 200-day moving average price of $144.50. Reddit Inc. has a twelve month low of $55.84 and a twelve month high of $261.13.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.45 earnings per share for the quarter, beating analysts' consensus estimates of $0.20 by $0.25. The firm 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 business's quarterly revenue was up 77.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.06) earnings per share. Reddit has set its Q3 2025 guidance at EPS. On average, equities analysts expect that Reddit Inc. will post 1.12 EPS for the current fiscal year.

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.

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