Concorde Asset Management LLC Makes New $788,000 Investment in Reddit Inc. $RDDT

Concorde Asset Management LLC purchased a new position in shares of Reddit Inc. (NYSE:RDDT) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 4,539 shares of the company’s stock, valued at approximately $788,000.

Several other hedge funds have also recently modified their holdings of RDDT. California State Teachers Retirement System boosted its stake in Reddit by 19,702.8% in the 2nd quarter. California State Teachers Retirement System now owns 30,076,727 shares of the company’s stock worth $5,220,718,000 after purchasing an additional 29,924,846 shares in the last quarter. Capital World Investors acquired a new position in Reddit during the 4th quarter valued at approximately $1,293,258,000. Norges Bank purchased a new position in shares of Reddit in the fourth quarter worth $372,047,000. Invesco Ltd. raised its holdings 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 buying an additional 1,201,237 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of Reddit by 138.5% during the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after buying an additional 1,178,890 shares during the period.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Evercore reissued an “outperform” rating and set a $265.00 price objective on shares of Reddit in a report on Friday, July 31st. Roth Capital restated a “neutral” rating and issued a $145.00 target price on shares of Reddit in a research note on Monday, August 3rd. JPMorgan Chase & Co. lowered their price target on Reddit from $200.00 to $185.00 and set a “neutral” rating for the company in a research report on Friday, July 31st. Jefferies Financial Group set a $250.00 price target on Reddit in a research note on Friday, July 10th. Finally, Oppenheimer reduced their price objective on Reddit from $225.00 to $200.00 and set an “outperform” rating for the company in a research note on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $221.10.

Reddit Stock Performance

Shares of RDDT opened at $148.96 on Wednesday. The business’s 50-day moving average is $169.69 and its two-hundred day moving average is $159.05. The company has a market capitalization of $28.66 billion, a P/E ratio of 34.64, a P/E/G ratio of 0.71 and a beta of 2.02. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The firm had revenue of $804.91 million for the quarter, compared to the consensus estimate of $731.00 million. During the same quarter in the prior year, the business earned $0.45 earnings per share. The company’s revenue was up 61.0% compared to the same quarter last year. Analysts forecast that Reddit Inc. will post 5.27 EPS for the current year.

Insider Buying and Selling

In other news, Director Robert A. Sauerberg sold 5,128 shares of the business’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $159.92, for a total transaction of $820,069.76. Following the transaction, the director owned 27,087 shares of the company’s stock, valued at approximately $4,331,753.04. The trade was a 15.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Michelle Reynolds sold 808 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total transaction of $161,600.00. Following the sale, the chief accounting officer owned 15,060 shares of the company’s stock, valued at approximately $3,012,000. The trade was a 5.09% 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 three months, insiders sold 210,102 shares of company stock worth $36,375,252. 28.48% of the stock is currently owned by corporate insiders.

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.