Reddit Inc. $RDDT Shares Newly Bought by Capstone Capital Management Ltd

Capstone Capital Management Ltd acquired a new position in Reddit Inc. (NYSE:RDDT) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 9,257 shares of the company’s stock, valued at approximately $1,319,000.

Several other institutional investors have also bought and sold shares of RDDT. State Street Corp lifted its stake in Reddit by 8.7% during the 2nd quarter. State Street Corp now owns 2,979,587 shares of the company’s stock valued at $517,197,000 after acquiring an additional 237,523 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Reddit by 21.8% during the second quarter. Wellington Management Group LLP now owns 1,564,535 shares of the company’s stock valued at $271,572,000 after acquiring an additional 280,030 shares during the last quarter. DSM Capital Partners LLC boosted its position in Reddit by 5.3% in the first quarter. DSM Capital Partners LLC now owns 848,206 shares of the company’s stock worth $114,211,000 after purchasing an additional 42,808 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its position in Reddit by 74.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 809,063 shares of the company’s stock worth $115,243,000 after purchasing an additional 345,735 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Reddit by 8.9% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 481,893 shares of the company’s stock worth $83,647,000 after purchasing an additional 39,540 shares during the period.

Insider Activity

In related news, Director Robert Sauerberg sold 5,128 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $159.92, for a total value of $820,069.76. Following the sale, the director directly owned 27,087 shares of the company’s stock, valued at $4,331,753.04. This trade represents a 15.92% 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. Also, CEO Steve Huffman sold 18,000 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $178.16, for a total value of $3,206,880.00. Following the transaction, the chief executive officer directly owned 373,814 shares in the company, valued at $66,598,702.24. This trade represents a 4.59% 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 ninety days, insiders sold 306,052 shares of company stock valued at $49,754,523. Insiders own 28.48% of the company’s stock.

Analyst Upgrades and Downgrades

RDDT has been the topic of a number of research analyst reports. Citigroup reiterated a “market outperform” rating on shares of Reddit in a research note on Wednesday, October 14th. JPMorgan Chase & Co. dropped their price objective on shares of Reddit from $200.00 to $185.00 and set a “neutral” rating on the stock in a report on Friday, July 31st. Needham & Company LLC reissued a “buy” rating and issued a $300.00 price target on shares of Reddit in a research report on Friday, October 9th. Wall Street Zen lowered Reddit from a “buy” rating to a “hold” rating in a report on Sunday, August 9th. Finally, Evercore reiterated an “outperform” rating and set a $265.00 price target on shares of Reddit in a research report on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $219.29.

Reddit Price Performance

Shares of NYSE RDDT opened at $155.59 on Wednesday. Reddit Inc. has a one year low of $119.27 and a one year high of $263.50. The stock has a market capitalization of $29.93 billion, a P/E ratio of 36.08, a PEG ratio of 0.72 and a beta of 2.05. The firm’s 50 day simple moving average is $154.14 and its two-hundred day simple moving average is $161.93.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.30. The company had revenue of $804.91 million during 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%. Reddit’s revenue for the quarter was up 61.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.45 EPS. As a group, equities analysts expect that Reddit Inc. will post 5.27 earnings per share for the current fiscal year.

About Reddit

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and activities. Members can submit text posts, links, images and videos, as well as comment on and vote on content. The platform includes thousands of communities, commonly known as subreddits, covering subjects such as news, entertainment, technology, sports, finance and lifestyle.

Reddit generates revenue primarily through digital advertising, offering advertisers access to audiences based on community interests and user engagement.