Patten Group Inc. Takes Position in Reddit Inc. $RDDT

Key Points

• Patten Group Inc. has acquired 2,289 shares of Reddit Inc. (NYSE: RDDT), valued at approximately $345,000, as part of their new position during the 2nd quarter.
• Several institutional investors have also made significant investments in Reddit during the same quarter, with notable contributions including $1.47 million from Stratos Wealth Partners LTD.
• Equities analysts have mixed ratings on Reddit's stock, with a consensus rating of "Moderate Buy" and a target price averaging around $214.17.

Patten Group Inc. acquired a new position in Reddit Inc. (NYSE:RDDT - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 2,289 shares of the company's stock, valued at approximately $345,000.

Several other institutional investors also recently bought and sold shares of RDDT. Financial Perspectives Inc acquired a new position in shares of Reddit during the 2nd quarter worth approximately $34,000. Stephens Inc. AR acquired a new stake in Reddit in the 2nd quarter valued at approximately $266,000. West Tower Group LLC acquired a new position in shares of Reddit in the second quarter worth $708,000. Stratos Wealth Partners LTD. acquired a new position in shares of Reddit in the second quarter worth $1,469,000. Finally, Private Trust Co. NA acquired a new position in shares of Reddit in the second quarter worth $310,000.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on RDDT shares. JMP Securities reiterated a "market outperform" rating and set a $300.00 target price on shares of Reddit in a research note on Friday, October 3rd. Wolfe Research upgraded shares of Reddit to an "outperform" rating in a research note on Sunday, August 3rd. The Goldman Sachs Group reiterated a "neutral" rating and set a $236.00 target price on shares of Reddit in a research note on Tuesday, October 14th. Weiss Ratings reissued a "hold (c-)" rating on shares of Reddit in a research report on Wednesday, October 8th. Finally, Roth Capital boosted their price target 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. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $214.17.

Reddit Trading Down 4.3%

Shares of RDDT opened at $196.78 on Thursday. The firm's 50-day moving average is $226.90 and its two-hundred day moving average is $164.46. Reddit Inc. has a twelve month low of $76.65 and a twelve month high of $282.95. The firm has a market capitalization of $36.83 billion, a P/E ratio of 178.89, a PEG ratio of 3.14 and a beta of 2.23.

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, beating the consensus estimate of $0.20 by $0.25. The business had revenue of $499.63 million for the quarter, compared to analyst estimates of $424.07 million. Reddit had a net margin of 12.97% and a return on equity of 9.93%. The company's quarterly revenue was up 77.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.06) earnings per share. Reddit has set its Q3 2025 guidance at EPS. Analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

Insider Activity at Reddit

In other Reddit news, CFO Andrew Vollero sold 30,000 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer owned 284,168 shares of the company's stock, 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 SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $223.41, for a total transaction of $4,021,380.00. Following the transaction, the chief executive officer directly owned 494,104 shares in the company, valued at approximately $110,387,774.64. This represents a 3.51% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 366,500 shares of company stock worth $83,829,951. Company insiders own 34.25% of the company's stock.

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.

Want to see what other hedge funds are holding RDDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Reddit Inc. (NYSE:RDDT - Free Report).

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.