Reddit Inc. $RDDT Shares Bought by Moore Capital Management LP

Key Points

• Moore Capital Management increased its Reddit stake by 611.4% in the second quarter, owning 12,577 shares valued at approximately $2.18 million. Several other institutional investors also raised their positions.
• Reddit reported stronger-than-expected quarterly results, with EPS of $1.25 versus $0.95 expected and revenue of $804.91 million, up 61% year over year. Shares opened at $148.11, well below their 50-day average of $171.33.
• Analyst views remain positive but mixed, with a consensus “Moderate Buy” rating and an average price target of $221.10. Meanwhile, insiders sold 192,102 shares worth $33.7 million over the past 90 days, including sizable sales by senior executives.

Moore Capital Management LP lifted its position in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 611.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,577 shares of the company's stock after buying an additional 10,809 shares during the period. Moore Capital Management LP's holdings in Reddit were worth $2,183,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Evansbrook LLC grew its position in Reddit by 2.2% during the first quarter. Evansbrook LLC now owns 2,736 shares of the company's stock valued at $368,000 after acquiring an additional 59 shares during the period. Signaturefd LLC raised its holdings in shares of Reddit by 7.6% in the 2nd quarter. Signaturefd LLC now owns 878 shares of the company's stock worth $152,000 after purchasing an additional 62 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Reddit by 48.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company's stock valued at $34,000 after purchasing an additional 64 shares in the last quarter. Florida Financial Advisors LLC lifted its stake in shares of Reddit by 6.7% in the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company's stock valued at $250,000 after purchasing an additional 68 shares in the last quarter. Finally, Diversified Trust Co grew its holdings in shares of Reddit by 2.1% during the 1st quarter. Diversified Trust Co now owns 3,271 shares of the company's stock worth $440,000 after purchasing an additional 68 shares during the period.

Reddit Stock Down 3.2%

Shares of NYSE:RDDT opened at $148.11 on Tuesday. The company has a market capitalization of $28.50 billion, a price-to-earnings ratio of 34.44, a price-to-earnings-growth ratio of 0.51 and a beta of 2.04. The company has a 50 day moving average of $171.33 and a two-hundred day moving average of $158.49. Reddit Inc. has a 52-week low of $119.27 and a 52-week high of $282.95.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping analysts' consensus estimates of $0.95 by $0.30. The business had revenue of $804.91 million for the quarter, compared to analysts' expectations of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The business's revenue for the quarter was up 61.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.45 earnings per share. On average, equities analysts anticipate that Reddit Inc. will post 5.27 earnings per share for the current year.

Insider Activity

In other news, CAO Michelle Marie Reynolds sold 808 shares of Reddit stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total transaction of $161,600.00. Following the sale, the chief accounting officer directly owned 15,060 shares of the company's stock, valued at approximately $3,012,000. The trade was a 5.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 75,000 shares of the business's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $178.55, for a total value of $13,391,250.00. Following the completion of the transaction, the chief operating officer owned 1,050,339 shares in the company, valued at approximately $187,538,028.45. This trade represents a 6.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 192,102 shares of company stock worth $33,710,892. 28.48% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RDDT shares. B. Riley Financial increased their target price on shares of Reddit from $250.00 to $270.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Piper Sandler reissued an "overweight" rating and issued a $195.00 price objective (down from $215.00) on shares of Reddit in a research report on Friday, July 31st. Wells Fargo & Company cut their target price on shares of Reddit from $187.00 to $142.00 and set an "equal weight" rating on the stock in a research note on Friday, July 31st. Morgan Stanley reduced their target price on shares of Reddit from $240.00 to $210.00 and set an "overweight" rating on the stock in a report on Friday, August 21st. Finally, Zacks Research cut shares of Reddit from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 25th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, Reddit has an average rating of "Moderate Buy" and an average target price of $221.10.

Reddit Company Profile

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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