Reddit Inc. $RDDT Stock Position Raised by Shelton Wealth Management LLC

Shelton Wealth Management LLC raised its holdings in shares of Reddit Inc. (NYSE:RDDT) by 382.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,578 shares of the company’s stock after purchasing an additional 9,180 shares during the quarter. Shelton Wealth Management LLC’s holdings in Reddit were worth $1,649,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised its position in shares of Reddit by 21.8% in the second quarter. Wellington Management Group LLP now owns 1,564,535 shares of the company’s stock valued at $271,572,000 after purchasing an additional 280,030 shares during the period. Moore Capital Management LP boosted its holdings in shares of Reddit by 611.4% during the 2nd quarter. Moore Capital Management LP now owns 12,577 shares of the company’s stock worth $2,183,000 after buying an additional 10,809 shares during the period. State Street Corp boosted its holdings in shares of Reddit by 8.7% during the 2nd quarter. State Street Corp now owns 2,979,587 shares of the company’s stock worth $517,197,000 after buying an additional 237,523 shares during the period. PensionDanmark Pensionsforsikringsaktieselskab boosted its holdings in shares of Reddit by 102.3% during the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 19,120 shares of the company’s stock worth $3,319,000 after buying an additional 9,670 shares during the period. Finally, Light Street Capital Management LLC acquired a new position in Reddit in the 2nd quarter valued at about $31,678,000.

More Reddit News

Here are the key news stories impacting Reddit this week:

• Positive Sentiment: CNBC’s Jim Cramer recommended buying Reddit, describing the shares as “inexpensive.” The endorsement could improve retail-investor sentiment and draw attention to Reddit’s valuation. Jim Cramer recommends Reddit
• Neutral Sentiment: Reddit will report third-quarter results on Thursday, October 29. Investors are likely to focus on advertising growth, user trends and management’s outlook following the company’s previous quarterly revenue increase of 61% year over year. Reddit third-quarter earnings announcement
• Neutral Sentiment: Goldman Sachs maintained its Hold rating on RDDT, indicating that the firm does not see a sufficiently compelling risk-reward profile at current levels. Goldman Sachs maintains Hold rating
• Negative Sentiment: CEO Steve Huffman sold 17,308 shares for approximately $2.74 million, reducing his direct holdings by 4.89%. COO Jennifer Wong separately sold 60,000 shares for about $9.03 million, reducing her position by 5.60%. Both transactions were made under pre-arranged Rule 10b5-1 plans, which lessens—but does not eliminate—the negative signaling effect of insider selling. Reddit insider sales

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 75,000 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $178.55, for a total value of $13,391,250.00. Following the completion of the transaction, the chief operating officer owned 1,050,339 shares of the company’s stock, valued at $187,538,028.45. The trade was a 6.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Huffman sold 18,000 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $178.16, for a total transaction of $3,206,880.00. Following the sale, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at $66,598,702.24. This represents a 4.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 306,052 shares of company stock worth $49,754,523. Company insiders own 28.48% of the company’s stock.

Reddit Stock Performance

Shares of RDDT stock traded down $3.39 during trading on Friday, hitting $155.97. The company had a trading volume of 3,835,703 shares, compared to its average volume of 4,740,878. The firm has a market capitalization of $30.01 billion, a P/E ratio of 36.27, a price-to-earnings-growth ratio of 0.74 and a beta of 2.05. Reddit Inc. has a one year low of $119.27 and a one year high of $263.50. The stock’s 50-day moving average price is $154.22 and its 200 day moving average price is $161.39.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.30. The firm had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. Reddit had a return on equity of 29.02% and a net margin of 31.35%. The company’s revenue was up 61.0% on a year-over-year basis. During the same quarter last year, the company earned $0.45 EPS. On average, research analysts anticipate that Reddit Inc. will post 5.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

RDDT has been the topic of several research analyst reports. Raymond James Financial reissued a “strong-buy” rating and issued a $205.00 price target on shares of Reddit in a report on Monday, August 17th. Cantor Fitzgerald reduced their price objective on Reddit from $200.00 to $170.00 and set a “neutral” rating for the company in a report on Friday, July 31st. Piper Sandler reaffirmed an “overweight” rating and issued a $195.00 target price (down from $215.00) on shares of Reddit in a research report on Friday, July 31st. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $180.00 target price on shares of Reddit in a research report on Friday, July 31st. Finally, Robert W. Baird set a $185.00 target price on Reddit in a research note on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $219.29.

Reddit Company Profile

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and experiences. Registered users can submit posts, images, videos and links, while other users can comment, vote on content and engage in discussions. The platform comprises thousands of independently moderated communities, commonly known as subreddits.

Reddit generates revenue primarily through digital advertising and other commercial offerings for businesses.