Brooklyn FI LLC Sells 3,024 Shares of Reddit Inc. $RDDT

Key Points

• Brooklyn FI LLC trimmed its holding in Reddit Inc. by 10.2%, now owning 26,506 shares valued at approximately $3.99 million.
• Reddit's earnings report for the quarter showed earnings per share of $0.45, exceeding analysts' expectations of $0.20, while revenue grew by 77.9% year over year.
• Several institutional investors, including Alliancebernstein and Vanguard Group, significantly increased their positions in Reddit during the first quarter of the year.

Brooklyn FI LLC cut its stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 10.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 26,506 shares of the company's stock after selling 3,024 shares during the quarter. Reddit makes up approximately 1.0% of Brooklyn FI LLC's portfolio, making the stock its 28th biggest position. Brooklyn FI LLC's holdings in Reddit were worth $3,991,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in RDDT. CWM LLC grew its position in shares of Reddit by 100.0% during the first quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after buying an additional 128 shares in the last quarter. Stone House Investment Management LLC acquired a new position in shares of Reddit during the first quarter worth about $31,000. Geneos Wealth Management Inc. grew its position in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock worth $39,000 after buying an additional 286 shares in the last quarter. Canton Hathaway LLC acquired a new position in shares of Reddit during the first quarter worth about $43,000. Finally, Olde Wealth Management LLC acquired a new position in shares of Reddit during the first quarter worth about $46,000.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on RDDT shares. Loop Capital lowered their price target on Reddit from $210.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, June 12th. Piper Sandler upped their price target on Reddit from $210.00 to $290.00 and gave the company an "overweight" rating in a report on Thursday. Jefferies Financial Group upped their price target on Reddit from $230.00 to $300.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. JPMorgan Chase & Co. upped 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. Finally, Wall Street Zen raised Reddit from a "hold" rating to a "buy" rating in a report on Sunday, September 7th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Reddit currently has an average rating of "Moderate Buy" and an average target price of $197.88.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 40,967 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $220.38, for a total transaction of $9,028,307.46. Following the completion of the transaction, the chief operating officer owned 120,033 shares in the company, valued at $26,452,872.54. The trade was a 25.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 18,000 shares of the company's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $223.41, for a total value of $4,021,380.00. Following the completion of the sale, the chief executive officer owned 494,104 shares of the company's stock, valued at approximately $110,387,774.64. This trade represents a 3.51% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 360,126 shares of company stock worth $73,529,359. 34.25% of the stock is owned by company insiders.

Reddit Trading Down 1.8%

Shares of RDDT stock traded down $4.96 during mid-day trading on Friday, reaching $265.75. The stock had a trading volume of 11,570,924 shares, compared to its average volume of 5,200,335. The company has a market cap of $49.74 billion, a P/E ratio of 240.44, a price-to-earnings-growth ratio of 4.16 and a beta of 2.40. Reddit Inc. has a 12-month low of $63.60 and a 12-month high of $282.95. The business has a 50-day simple moving average of $208.28 and a 200 day simple moving average of $149.41.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.25. The firm had revenue of $499.63 million for 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 firm's quarterly revenue was up 77.9% on a year-over-year basis. During the same period last year, the company earned ($0.06) EPS. Reddit has set its Q3 2025 guidance at EPS. Research analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.

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.