Reddit Inc. $RDDT Shares Bought by Empirical Capital Management LLC

Empirical Capital Management LLC grew its stake in Reddit Inc. (NYSE:RDDT) by 1,642.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 156,800 shares of the company’s stock after acquiring an additional 147,800 shares during the quarter. Reddit accounts for 7.4% of Empirical Capital Management LLC’s holdings, making the stock its 6th biggest position. Empirical Capital Management LLC’s holdings in Reddit were worth $27,217,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of RDDT. Fortem Financial Group LLC bought a new position in Reddit during the 2nd quarter worth approximately $2,342,000. Blackhawk Capital Partners LLC bought a new stake in Reddit in the second quarter valued at approximately $1,860,000. Bay Rivers Group bought a new stake in Reddit in the second quarter valued at approximately $685,000. Allied Private Wealth LLC acquired a new stake in Reddit in the second quarter worth $174,000. Finally, Arista Wealth Management LLC acquired a new stake in Reddit in the second quarter worth $347,000.

Analyst Upgrades and Downgrades

RDDT has been the subject of several research analyst reports. JPMorgan Chase & Co. decreased their price target on shares of Reddit from $200.00 to $185.00 and set a “neutral” rating for the company in a report on Friday, July 31st. B. Riley Financial raised their price objective on Reddit from $250.00 to $270.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Wells Fargo & Company reduced their target price on Reddit from $187.00 to $142.00 and set an “equal weight” rating on the stock in a report on Friday, July 31st. Citizens Jmp decreased their target price on Reddit from $250.00 to $240.00 and set a “market outperform” rating for the company in a research note on Friday, May 1st. Finally, Zacks Research upgraded Reddit from a “hold” rating to a “strong-buy” rating in a report on Monday, July 27th. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $220.90.

Reddit Stock Down 1.7%

Reddit stock opened at $153.46 on Thursday. The company has a 50 day moving average of $175.72 and a 200-day moving average of $160.12. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95. The stock has a market capitalization of $29.53 billion, a PE ratio of 35.69, a price-to-earnings-growth ratio of 0.52 and a beta of 2.03.

Reddit (NYSE:RDDT) last issued 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 business had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The firm’s quarterly revenue was up 61.0% on a year-over-year basis. During the same period last year, the business posted $0.45 earnings per share. Equities analysts anticipate that Reddit Inc. will post 5.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, CAO Michelle Marie Reynolds sold 808 shares of the 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 completion of the transaction, the chief accounting officer owned 15,060 shares in the company, valued at approximately $3,012,000. This represents a 5.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 dated Monday, June 15th. The shares were sold at an average price of $178.26, for a total value of $3,208,680.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares in the company, valued at $66,636,083.64. 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. In the last 90 days, insiders sold 169,141 shares of company stock worth $28,464,485. Corporate insiders own 28.48% of the company’s stock.

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.