Maryland State Retirement & Pension System Buys Shares of 5,666 Reddit Inc. $RDDT

Key Points

• The Maryland State Retirement & Pension System acquired 5,666 shares of Reddit Inc. (NYSE: RDDT) worth approximately $853,000 in the second quarter.
• Recent analyst reports show optimism for Reddit's stock, with several upgrades and a consensus rating of "Moderate Buy" and an average price target near $203.92.
• Reddit recently reported impressive quarterly earnings, exceeding estimates with a net margin of 12.97% and a 77.9% increase in revenue compared to the prior year.

Maryland State Retirement & Pension System bought a new stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 5,666 shares of the company's stock, valued at approximately $853,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Petrus Trust Company LTA purchased a new stake in Reddit during the first quarter valued at approximately $473,000. JPMorgan Chase & Co. raised its position in shares of Reddit by 98.2% during the 1st quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company's stock valued at $200,096,000 after purchasing an additional 944,847 shares during the period. Greycroft LP raised its position in shares of Reddit by 109.1% during the 1st quarter. Greycroft LP now owns 11,500 shares of the company's stock valued at $1,206,000 after purchasing an additional 6,000 shares during the period. Think Investments LP raised its position in shares of Reddit by 10.3% during the 1st quarter. Think Investments LP now owns 268,000 shares of the company's stock valued at $28,113,000 after purchasing an additional 25,000 shares during the period. Finally, Sender Co & Partners Inc. bought a new stake in shares of Reddit during the 1st quarter valued at $1,367,000.

Wall Street Analyst Weigh In

RDDT has been the topic of several recent analyst reports. Wolfe Research upgraded shares of Reddit to an "outperform" rating in a research report on Sunday, August 3rd. Roth Capital raised their price objective on shares of Reddit from $130.00 to $145.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Needham & Company LLC raised their price objective on shares of Reddit from $215.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, September 15th. JMP Securities restated a "market outperform" rating and set a $300.00 price objective on shares of Reddit in a research report on Friday, October 3rd. Finally, Jefferies Financial Group raised their target price on shares of Reddit from $230.00 to $300.00 and gave the company a "buy" rating in a research note on Wednesday, September 10th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Reddit presently has a consensus rating of "Moderate Buy" and an average price target of $203.92.

Reddit Stock Performance

RDDT opened at $198.67 on Monday. Reddit Inc. has a fifty-two week low of $69.74 and a fifty-two week high of $282.95. The company has a fifty day moving average of $229.29 and a 200 day moving average of $159.87. The stock has a market capitalization of $37.18 billion, a price-to-earnings ratio of 180.61, a PEG ratio of 3.03 and a beta of 2.23.

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, beating the consensus estimate 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 analyst estimates of $424.07 million. During the same quarter last year, the business earned ($0.06) earnings per share. Reddit'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, equities research 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 the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $218.09, for a total transaction of $6,542,700.00. Following the completion of the transaction, the chief financial officer owned 284,168 shares in the company, valued at $61,974,199.12. This trade represents a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Jennifer L. Wong sold 40,967 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $220.38, for a total transaction of $9,028,307.46. Following the transaction, the chief operating officer owned 120,033 shares of the company's stock, valued at $26,452,872.54. This trade represents a 25.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 411,834 shares of company stock worth $89,323,939 over the last three months. 34.25% of the stock is owned by company insiders.

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.

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.