Reddit Inc. $RDDT Stock Position Raised by Silvant Capital Management LLC

Silvant Capital Management LLC raised its position in shares of Reddit Inc. (NYSE:RDDT) by 16.6% in the fourth quarter, Holdings Channel reports. The firm owned 41,953 shares of the company’s stock after buying an additional 5,978 shares during the period. Silvant Capital Management LLC’s holdings in Reddit were worth $9,644,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Huntington National Bank increased its holdings in shares of Reddit by 25.6% during the 3rd quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after acquiring an additional 55 shares during the last quarter. Institute for Wealth Management LLC. grew its holdings in shares of Reddit by 6.1% during the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock worth $246,000 after purchasing an additional 62 shares in the last quarter. Roxbury Financial LLC grew its holdings in shares of Reddit by 7.4% during the 4th quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after purchasing an additional 64 shares in the last quarter. Florida Financial Advisors LLC grew its holdings in shares of Reddit by 6.7% during the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after purchasing an additional 68 shares in the last quarter. Finally, IFP Advisors Inc grew its holdings in shares of Reddit by 9.9% during the 3rd quarter. IFP Advisors Inc now owns 796 shares of the company’s stock worth $183,000 after purchasing an additional 72 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Wells Fargo & Company raised their target price on Reddit from $149.00 to $176.00 and gave the stock an “equal weight” rating in a research report on Friday, May 1st. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 price target on shares of Reddit in a report on Friday, May 1st. Bank of America decreased their price target on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Zacks Research lowered Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Finally, Wall Street Zen downgraded Reddit from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Eighteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $230.75.

Reddit Price Performance

RDDT stock opened at $181.83 on Tuesday. The business has a 50-day moving average of $158.30 and a 200-day moving average of $176.49. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95. The stock has a market capitalization of $35.00 billion, a P/E ratio of 51.95 and a beta of 1.91.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm had revenue of $663.41 million during the quarter, compared to analysts’ expectations of $607.74 million. During the same period in the prior year, the firm posted $0.13 earnings per share. The business’s quarterly revenue was up 69.1% compared to the same quarter last year. Equities analysts expect that Reddit Inc. will post 4.83 EPS for the current year.

Insider Activity at Reddit

In related news, CTO Christopher Brian Slowe sold 15,500 shares of the stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the completion of the transaction, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at approximately $5,787,686.71. This represents a 28.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the firm’s stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $161.47, for a total value of $6,324,295.49. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at approximately $175,752,182.97. The trade was a 3.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 232,499 shares of company stock valued at $36,123,803. Insiders own 28.48% of the company’s stock.

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.