Voya Investment Management LLC Sells 347,795 Shares of Reddit Inc. $RDDT

Key Points

• Voya Investment Management LLC has reduced its stake in Reddit Inc. by 36% after selling 347,795 shares, leaving it with 619,298 shares valued at approximately $64.9 million.
• Insider trading notifications revealed that CTO Christopher Brian Slowe and COO Jennifer L. Wong each sold significant amounts of stock, resulting in a 6.24% decrease in Slowe's position and a 2.27% decrease in Wong's holdings.
• Reddit's stock price on Friday was $254.44, with a market cap of $47.62 billion, and the company reported a revenue increase of 77.9% year-over-year, totaling $499.63 million for the last quarter.

Voya Investment Management LLC lowered its stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 36.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 619,298 shares of the company's stock after selling 347,795 shares during the quarter. Voya Investment Management LLC owned about 0.34% of Reddit worth $64,900,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of RDDT. Mercer Global Advisors Inc. ADV bought a new stake in Reddit in the 4th quarter valued at $226,000. Captrust Financial Advisors bought a new stake in Reddit in the 4th quarter valued at $305,000. Cetera Investment Advisers increased its holdings in Reddit by 94.3% in the 4th quarter. Cetera Investment Advisers now owns 7,258 shares of the company's stock valued at $1,186,000 after buying an additional 3,523 shares during the period. Focus Partners Wealth bought a new stake in Reddit in the 4th quarter valued at $1,186,000. Finally, Gotham Asset Management LLC bought a new stake in Reddit in the 4th quarter valued at $407,000.

Insider Activity

In other Reddit news, CTO Christopher Brian Slowe sold 14,000 shares of the stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $236.51, for a total transaction of $3,311,140.00. Following the sale, the chief technology officer owned 210,534 shares of the company's stock, valued at $49,793,396.34. This represents a 6.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jennifer L. Wong sold 30,806 shares of the stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $218.55, for a total transaction of $6,732,651.30. Following the sale, the chief operating officer directly owned 1,326,709 shares in the company, valued at approximately $289,952,251.95. This represents a 2.27% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 500,777 shares of company stock worth $88,572,016. 34.25% of the stock is currently owned by insiders.

Reddit Stock Performance

RDDT opened at $254.44 on Friday. The firm's 50-day simple moving average is $196.30 and its 200-day simple moving average is $145.81. Reddit Inc. has a twelve month low of $57.22 and a twelve month high of $266.64. The firm has a market cap of $47.62 billion, a price-to-earnings ratio of 231.31, a PEG ratio of 4.13 and a beta of 2.40.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.45 earnings per share 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 9.93%. The business had revenue of $499.63 million for the quarter, compared to analyst estimates of $424.07 million. During the same quarter in the prior year, the firm earned ($0.06) EPS. The firm's quarterly revenue was up 77.9% compared to the same quarter last year. Reddit has set its Q3 2025 guidance at EPS. As a group, sell-side analysts anticipate that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RDDT has been the topic of several analyst reports. The Goldman Sachs Group reissued a "neutral" rating and issued a $212.00 price target on shares of Reddit in a report on Friday, August 1st. Wall Street Zen raised shares of Reddit from a "hold" rating to a "buy" rating in a report on Sunday, September 7th. Raymond James Financial reissued a "strong-buy" rating and issued a $225.00 price target (up previously from $175.00) on shares of Reddit in a report on Friday, August 1st. Morgan Stanley boosted their price target on shares of Reddit from $170.00 to $230.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, JPMorgan Chase & Co. upped their target price on shares of Reddit from $145.00 to $190.00 and gave the stock a "neutral" rating in a 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $180.58.

Reddit Company 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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