Bienville Capital Management LLC Grows Position in Reddit Inc. $RDDT

Bienville Capital Management LLC lifted its position in Reddit Inc. (NYSE:RDDT) by 494.4% during the 2nd quarter, Holdings Channel reports. The firm owned 96,020 shares of the company’s stock after acquiring an additional 79,867 shares during the period. Reddit comprises about 2.2% of Bienville Capital Management LLC’s holdings, making the stock its 13th biggest holding. Bienville Capital Management LLC’s holdings in Reddit were worth $16,667,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RDDT. California State Teachers Retirement System increased its position in shares of Reddit by 19,702.8% in the second quarter. California State Teachers Retirement System now owns 30,076,727 shares of the company’s stock valued at $5,220,718,000 after acquiring an additional 29,924,846 shares during the period. Capital World Investors bought a new stake in shares of Reddit in the fourth quarter worth about $1,293,258,000. Norges Bank purchased a new position in Reddit during the 4th quarter valued at about $372,047,000. Invesco Ltd. increased its holdings in Reddit by 419.0% during the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock valued at $342,212,000 after purchasing an additional 1,201,237 shares during the period. Finally, State Street Corp raised its position in Reddit by 138.5% during the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after purchasing an additional 1,178,890 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft set a $200.00 price objective on Reddit in a research report on Friday, July 31st. Truist Financial raised their price target on Reddit from $265.00 to $275.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Cantor Fitzgerald cut their price target on shares of Reddit from $200.00 to $170.00 and set a “neutral” rating on the stock in a report on Friday, July 31st. Needham & Company LLC reissued a “buy” rating and set a $300.00 price objective on shares of Reddit in a research report on Wednesday, June 24th. Finally, Wall Street Zen lowered shares of Reddit from a “buy” rating to a “hold” rating in a report on Sunday, August 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $221.10.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $146.80 on Thursday. The firm has a market capitalization of $28.25 billion, a P/E ratio of 34.14, a P/E/G ratio of 0.69 and a beta of 2.02. The stock has a 50 day moving average price of $168.67 and a 200-day moving average price of $159.06. Reddit Inc. has a 52-week low of $119.27 and a 52-week high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.30. The company 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 firm’s revenue was up 61.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.45 earnings per share. On average, equities analysts forecast that Reddit Inc. will post 5.27 EPS for the current fiscal year.

Insider Transactions at Reddit

In related news, Director Robert A. Sauerberg sold 5,128 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $159.92, for a total value of $820,069.76. Following the completion of the transaction, the director directly owned 27,087 shares in the company, valued at $4,331,753.04. This trade represents a 15.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steve Huffman sold 18,000 shares of the stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $173.13, for a total transaction of $3,116,340.00. Following the completion of the transaction, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $64,718,417.82. The trade was 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. Over the last three months, insiders sold 210,102 shares of company stock worth $36,375,252. Corporate insiders own 28.48% of the company’s stock.

Reddit Profile

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and discussions. Users can submit posts, links, images and videos, while community members can comment, vote and interact through publicly accessible forums known as subreddits.

The company generates revenue primarily through digital advertising and also offers premium memberships and other paid products. Reddit additionally provides data licensing and developer-related services that support the use of its platform content and technology.

Founded in 2005 by Steve Huffman, Alexis Ohanian and Aaron Swartz, Reddit serves users worldwide across a broad range of communities.