Reddit Inc. (NYSE:RDDT) Shares Bought by R Squared Ltd

Key Points

• R Squared Ltd significantly increased its stake in Reddit Inc. by 48,560.0% during Q1, now holding 4,866 shares valued at $510,000.
• Recent upgrades from analysts include a price target increase by Needham & Company from $165.00 to $215.00, and a strong buy rating by Seaport Res Ptn, indicating positive sentiment on stock performance.
• Reddit's latest earnings report showed a jump in revenue to **$499.63 million**, surpassing estimates, with an EPS of **$0.45**, compared to **($0.06)** the previous year.

R Squared Ltd boosted its holdings in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 48,560.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,866 shares of the company's stock after buying an additional 4,856 shares during the period. R Squared Ltd's holdings in Reddit were worth $510,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Whale Rock Capital Management LLC purchased a new position in Reddit during the 4th quarter valued at about $204,054,000. Renaissance Technologies LLC boosted its position in shares of Reddit by 265.4% in the 4th quarter. Renaissance Technologies LLC now owns 1,650,500 shares of the company's stock worth $269,758,000 after purchasing an additional 1,198,800 shares in the last quarter. Voya Investment Management LLC bought a new position in Reddit in the 4th quarter valued at approximately $157,984,000. FMR LLC raised its stake in Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after buying an additional 913,189 shares during the last quarter. Finally, Cresset Asset Management LLC raised its stake in Reddit by 159.6% during the 4th quarter. Cresset Asset Management LLC now owns 1,308,797 shares of the company's stock valued at $213,910,000 after buying an additional 804,591 shares during the last quarter.

Analyst Ratings Changes

Several equities research analysts have recently commented on RDDT shares. The Goldman Sachs Group restated a "neutral" rating and issued a $212.00 price objective on shares of Reddit in a research note on Friday. Guggenheim increased their price objective on shares of Reddit from $165.00 to $215.00 and gave the company a "buy" rating in a report on Friday. Citigroup increased their price target on shares of Reddit from $158.00 to $163.00 and gave the company a "buy" rating in a report on Tuesday, June 24th. Roth Mkm raised their price objective on shares of Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. Finally, Wolfe Research raised shares of Reddit to an "outperform" rating in a research note on Sunday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $164.21.

Reddit Stock Up 6.7%

Shares of RDDT stock traded up $12.68 during mid-day trading on Monday, hitting $201.32. 15,068,218 shares of the stock were exchanged, compared to its average volume of 7,006,451. The firm has a fifty day moving average of $136.97 and a 200 day moving average of $138.20. Reddit Inc. has a 52-week low of $49.13 and a 52-week high of $230.41. The company has a market cap of $37.15 billion, a PE ratio of 183.02, a price-to-earnings-growth ratio of 4.76 and a beta of 2.30.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.25. Reddit had a net margin of 12.97% and a return on equity of 10.26%. The business had revenue of $499.63 million for the quarter, compared to analyst estimates of $424.07 million. During the same period in the prior year, the company posted ($0.06) EPS. The company's revenue for the quarter was up 77.9% on a year-over-year basis. Equities analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 124,409 shares of the company's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $124.45, for a total transaction of $15,482,700.05. Following the completion of the transaction, the chief executive officer owned 546,133 shares in the company, valued at $67,966,251.85. This represents a 18.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 26,000 shares of the company's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $98.43, for a total transaction of $2,559,180.00. Following the transaction, the chief technology officer owned 251,373 shares of the company's stock, valued at approximately $24,742,644.39. This trade represents a 9.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 506,809 shares of company stock worth $61,884,325 in the last quarter. 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.