Siren L.L.C. Takes $2.47 Million Position in Reddit Inc. $RDDT

Key Points

• Siren L.L.C. acquired 23,500 shares of Reddit Inc. during the 1st quarter, valued at approximately $2,465,000, marking a significant new investment.
• Insider activity included COO Jennifer L. Wong selling 40,967 shares for over $9 million, which represents a 25.45% decrease in her ownership.
• Reddit reported strong financial results with an EPS of $0.45 for the last quarter, exceeding estimates and showing a 77.9% year-over-year revenue increase.

Siren L.L.C. acquired a new stake in Reddit Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 23,500 shares of the company's stock, valued at approximately $2,465,000.

Other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in Reddit by 98.2% during the first quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company's stock valued at $200,096,000 after purchasing an additional 944,847 shares during the period. Greycroft LP raised its stake in Reddit by 109.1% during the 1st quarter. Greycroft LP now owns 11,500 shares of the company's stock valued at $1,206,000 after buying an additional 6,000 shares during the last quarter. Ogborne Capital Management LLC bought a new position in shares of Reddit during the 4th quarter valued at $11,539,000. Voloridge Investment Management LLC boosted its stake in shares of Reddit by 46.3% in the 4th quarter. Voloridge Investment Management LLC now owns 963,516 shares of the company's stock worth $157,477,000 after buying an additional 304,773 shares during the last quarter. Finally, Renaissance Capital LLC grew its holdings in shares of Reddit by 10.9% in the first quarter. Renaissance Capital LLC now owns 34,636 shares of the company's stock worth $3,633,000 after acquiring an additional 3,400 shares during the period.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Wall Street Zen cut shares of Reddit from a "buy" rating to a "hold" rating in a report on Saturday. 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, August 1st. Bank of America raised their target price on Reddit from $130.00 to $150.00 and gave the stock a "neutral" rating in a report on Wednesday, July 30th. Citigroup boosted their price target on Reddit from $158.00 to $163.00 and gave the company a "buy" rating in a report on Tuesday, June 24th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and issued a $210.00 price target on shares of Reddit in a research note on Friday, August 22nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Reddit presently has an average rating of "Moderate Buy" and an average price target of $175.38.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 10,000 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $220.25, for a total transaction of $2,202,500.00. Following the completion of the transaction, the chief technology officer owned 212,534 shares in the company, valued at $46,810,613.50. The trade was a 4.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $244.70, for a total value of $3,425,800.00. Following the completion of the transaction, the chief executive officer directly owned 531,485 shares in the company, valued at $130,054,379.50. This trade represents a 2.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 468,777 shares of company stock worth $78,225,996 over the last three months. 34.25% of the stock is currently owned by company insiders.

Reddit Trading Down 2.2%

RDDT traded down $5.01 during trading hours on Tuesday, hitting $220.07. The company's stock had a trading volume of 3,981,594 shares, compared to its average volume of 7,787,137. The stock has a market cap of $41.19 billion, a price-to-earnings ratio of 200.06, a P/E/G ratio of 3.57 and a beta of 2.38. The business's 50-day moving average price is $180.03 and its 200-day moving average price is $141.41. Reddit Inc. has a 12 month low of $55.25 and a 12 month high of $253.14.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.45 earnings per share for the quarter, beating analysts' consensus estimates of $0.20 by $0.25. The business had revenue of $499.63 million for the quarter, compared to analysts' expectations of $424.07 million. Reddit had a net margin of 12.97% and a return on equity of 9.93%. The business's revenue was up 77.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.06) earnings per share. Reddit has set its Q3 2025 guidance at EPS. On average, analysts forecast that Reddit Inc. will post 1.12 earnings per share 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.