Renaissance Technologies LLC Sells 317,800 Shares of Reddit Inc. $RDDT

Renaissance Technologies LLC cut its stake in shares of Reddit Inc. (NYSE:RDDT) by 16.9% during the 1st quarter, Holdings Channel.com reports. The firm owned 1,565,778 shares of the company’s stock after selling 317,800 shares during the quarter. Renaissance Technologies LLC’s holdings in Reddit were worth $210,832,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Capital World Investors purchased a new position in shares of Reddit during the 4th quarter valued at about $1,293,258,000. Norges Bank purchased a new position in Reddit during the fourth quarter valued at approximately $372,047,000. Invesco Ltd. boosted its position in shares of Reddit by 419.0% in the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after purchasing an additional 1,201,237 shares during the period. State Street Corp increased its stake in shares of Reddit by 138.5% in the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after purchasing an additional 1,178,890 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Reddit by 8.9% during the 4th quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock valued at $3,062,339,000 after purchasing an additional 1,083,540 shares during the period.

Reddit Stock Down 0.0%

Shares of RDDT opened at $168.75 on Friday. The business has a fifty day moving average of $174.67 and a 200 day moving average of $167.69. The company has a market cap of $32.49 billion, a PE ratio of 48.22 and a beta of 1.93. Reddit Inc. has a 52-week low of $119.27 and a 52-week high of $282.95.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. The business had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business’s revenue was up 69.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.13 earnings per share. As a group, research analysts anticipate that Reddit Inc. will post 4.85 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on RDDT. Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Reddit in a research note on Wednesday, June 24th. DA Davidson restated a “buy” rating and issued a $200.00 price target on shares of Reddit in a research note on Thursday. Raymond James Financial set a $180.00 price objective on shares of Reddit and gave the company a “market perform” rating in a research report on Friday, May 1st. Wells Fargo & Company upped their target price on shares of Reddit from $176.00 to $187.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $200.00 price target on shares of Reddit in a report on Friday, May 1st. Nineteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $232.48.

Key Headlines Impacting Reddit

Here are the key news stories impacting Reddit this week:

• Positive Sentiment: Reddit was added to Wedbush’s Best Ideas list ahead of Q2 results, and DA Davidson reiterated a Buy rating with a $200 price target, signaling Wall Street still sees meaningful upside. Reddit added to Wedbush Best Ideas List ahead of Q2 results
• Positive Sentiment: Several recent bullish notes say Reddit’s fundamentals remain strong, with rapid revenue growth, high margins, and ad-driven expansion supporting the stock despite valuation concerns. Reddit: Ignore The Potential Google Scuffle And Carry On
• Positive Sentiment: Investors are looking for a Q2 beat, with guidance pointing to roughly 43% to 45% year-over-year revenue growth and a strong EBITDA margin, which could reinforce the growth story if delivered. Reddit: Why I’m Staying Bullish Into The Q2 Print
• Neutral Sentiment: Analyst commentary this week has focused on Reddit alongside other communication-services names, but no major new company-specific catalyst was disclosed in the headline item. Analysts Offer Insights on Communication Services Companies
• Neutral Sentiment: Reddit’s upcoming earnings report is expected to show growth, but some screening models suggest the setup is not ideal for a clean earnings beat, keeping expectations mixed. Reddit Inc. (RDDT) Reports Next Week: Wall Street Expects Earnings Growth
• Negative Sentiment: The main overhang is renewed uncertainty around Reddit’s reported $60 million-per-year Google AI licensing deal, with some reports suggesting Reddit may rethink the agreement if renewal talks stall or content restrictions emerge. Reddit (RDDT) May Rethink $60 Million Google AI Deal As Renewal Talks Drag
• Negative Sentiment: Recent reports of a possible Google content restriction or AI feud triggered a sharp drop in the stock and pushed Reddit below key moving averages, signaling weaker momentum in the near term. Reddit stock plunges on report of possible Google content restrictions

Insider Buying and Selling at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 808 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total value of $161,600.00. Following the sale, the chief accounting officer owned 15,060 shares in the company, valued at $3,012,000. This trade represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction on Monday, June 15th. The stock was sold at an average price of $178.26, for a total value of $3,208,680.00. Following the sale, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $66,636,083.64. This trade represents a 4.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 169,141 shares of company stock valued at $28,680,845 in the last quarter. 28.48% of the stock is owned by insiders.

Reddit 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.