State of New Jersey Common Pension Fund D Grows Stake in Reddit Inc. $RDDT

Key Points

• The State of New Jersey Common Pension Fund D increased its stake in Reddit Inc. by 7.2%, owning a total of 23,131 shares worth approximately $2.4 million as of the latest filing.
• Reddit's quarterly earnings beat estimates, reporting an EPS of $0.45 against a consensus estimate of $0.20, and revenue surged 77.9% year-over-year to nearly $500 million.
• Insider selling includes CEO Steve Huffman's disposal of 14,000 shares valued at over $3.4 million, reflecting a 2.57% reduction in his holdings.

State of New Jersey Common Pension Fund D grew its holdings in Reddit Inc. (NYSE:RDDT - Free Report) by 7.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 23,131 shares of the company's stock after acquiring an additional 1,548 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Reddit were worth $2,426,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. CWM LLC boosted its position in shares of Reddit by 100.0% in the 1st quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after purchasing an additional 128 shares during the period. Fourth Dimension Wealth LLC acquired a new stake in shares of Reddit in the 4th quarter valued at about $49,000. Chelsea Counsel Co. acquired a new stake in shares of Reddit in the 4th quarter valued at about $49,000. Stone House Investment Management LLC acquired a new stake in shares of Reddit in the 1st quarter valued at about $31,000. Finally, Quarry LP acquired a new stake in shares of Reddit in the 4th quarter valued at about $59,000.

Reddit Trading Up 0.1%

Reddit stock opened at $218.6730 on Friday. Reddit Inc. has a twelve month low of $55.02 and a twelve month high of $253.14. The stock has a 50 day moving average of $167.83 and a two-hundred day moving average of $142.16. The stock has a market capitalization of $40.93 billion, a price-to-earnings ratio of 198.79, a PEG ratio of 3.46 and a beta of 2.30.

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

Analyst Ratings Changes

A number of analysts recently issued reports on RDDT shares. Citigroup upped their target price on Reddit from $158.00 to $163.00 and gave the company a "buy" rating in a research report on Tuesday, June 24th. The Goldman Sachs Group reissued a "neutral" rating and issued a $212.00 target price on shares of Reddit in a research report on Friday, August 1st. Roth Capital upped their target price on Reddit from $130.00 to $145.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Piper Sandler upped their target price on Reddit from $150.00 to $210.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, JPMorgan Chase & Co. upped their target price on Reddit from $145.00 to $190.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $171.83.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $244.70, for a total value of $3,425,800.00. Following the completion of the sale, the chief executive officer directly owned 531,485 shares of the company's stock, valued at $130,054,379.50. This trade represents a 2.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Michelle Marie Reynolds sold 3,500 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $202.60, for a total value of $709,100.00. Following the completion of the sale, the chief accounting officer directly owned 34,368 shares of the company's stock, valued at $6,962,956.80. This represents a 9.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 363,364 shares of company stock valued at $53,557,742 over the last 90 days. 34.25% of the stock is owned by corporate insiders.

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.

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