Quinn Opportunity Partners LLC Has $16.64 Million Stake in Reddit Inc. $RDDT

Key Points

• Quinn Opportunity Partners cut its Reddit stake by 83.4% in Q3 to 72,341 shares valued at about $16.64 million, making Reddit roughly 1.2% of the fund and its 13th largest holding.
• Significant insider selling: CTO Christopher Slowe and COO Jennifer Wong sold shares recently, and insiders sold a total of 433,335 shares (~$89.1 million) over the past 90 days, though insiders still own 34.25% of the company.
• Strong recent results and analyst view: Reddit beat Q4 estimates (EPS $1.24 vs $0.96; revenue $725.6M vs $665.8M), revenue rose 69.7% year‑over‑year, and analysts hold a consensus “Moderate Buy” with an average price target of $236.

Quinn Opportunity Partners LLC reduced its position in Reddit Inc. (NYSE:RDDT - Free Report) by 83.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 72,341 shares of the company's stock after selling 364,029 shares during the quarter. Reddit makes up about 1.2% of Quinn Opportunity Partners LLC's portfolio, making the stock its 13th largest position. Quinn Opportunity Partners LLC's holdings in Reddit were worth $16,638,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Raiffeisen Bank International AG acquired a new position in Reddit in the third quarter valued at $25,000. GW&K Investment Management LLC acquired a new stake in Reddit during the 3rd quarter worth about $30,000. Cornerstone Planning Group LLC grew its holdings in Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company's stock worth $31,000 after acquiring an additional 135 shares during the period. Geneos Wealth Management Inc. raised its position in shares of Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock worth $39,000 after acquiring an additional 286 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Reddit by 8,650.0% in the 3rd quarter. GAMMA Investing LLC now owns 175 shares of the company's stock worth $40,000 after acquiring an additional 173 shares in the last quarter.

Insider Buying and Selling at Reddit

In other news, CTO Christopher Brian Slowe sold 9,500 shares of the firm's stock in a transaction on Monday, March 9th. The stock was sold at an average price of $136.55, for a total transaction of $1,297,225.00. Following the completion of the sale, the chief technology officer directly owned 183,057 shares of the company's stock, valued at $24,996,433.35. This trade represents a 4.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Jennifer L. Wong sold 30,777 shares of Reddit stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $143.42, for a total value of $4,414,037.34. Following the sale, the chief operating officer owned 1,088,451 shares in the company, valued at $156,105,642.42. The trade was a 2.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 433,335 shares of company stock valued at $89,139,359 in the last ninety days. 34.25% of the stock is owned by corporate insiders.

Reddit Stock Performance

NYSE:RDDT opened at $132.21 on Friday. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95. The firm has a 50-day moving average price of $177.60 and a two-hundred day moving average price of $205.03. The firm has a market cap of $25.26 billion, a price-to-earnings ratio of 50.46, a price-to-earnings-growth ratio of 0.96 and a beta of 2.40.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.96 by $0.28. The firm had revenue of $725.61 million for the quarter, compared to the consensus estimate of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The company's revenue was up 69.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.36 EPS. As a group, sell-side analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RDDT has been the topic of several research analyst reports. Truist Financial upped their target price on Reddit from $270.00 to $275.00 and gave the company a "buy" rating in a research report on Friday, February 6th. Jefferies Financial Group lowered their target price on Reddit from $285.00 to $250.00 and set a "buy" rating for the company in a report on Tuesday. JPMorgan Chase & Co. dropped their price target on Reddit from $227.00 to $200.00 and set a "neutral" rating on the stock in a research note on Friday, February 6th. Needham & Company LLC restated a "buy" rating and set a $300.00 price target on shares of Reddit in a report on Friday, February 6th. Finally, Oppenheimer reduced their price objective on shares of Reddit from $300.00 to $250.00 and set an "outperform" rating for the company in a research report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $236.00.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called "subreddits," each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.

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