Militia Capital Partners LP Boosts Holdings in Reddit Inc. $RDDT

Militia Capital Partners LP boosted its holdings in shares of Reddit Inc. (NYSE:RDDT) by 104.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,600 shares of the company’s stock after buying an additional 4,400 shares during the quarter. Reddit makes up about 0.9% of Militia Capital Partners LP’s investment portfolio, making the stock its 24th largest holding. Militia Capital Partners LP’s holdings in Reddit were worth $1,978,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Reddit in the 2nd quarter worth $294,254,000. Vanguard Group Inc. lifted its position in Reddit by 12.9% during the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after purchasing an additional 1,401,293 shares in the last quarter. Amundi grew its holdings in Reddit by 2,060.5% during the second quarter. Amundi now owns 1,307,231 shares of the company’s stock valued at $208,294,000 after purchasing an additional 1,246,725 shares during the period. Invesco Ltd. increased its position in 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 in the last quarter. Finally, State Street Corp increased its position in Reddit by 138.5% in 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 in the last quarter.

Insider Buying and Selling

In related news, insider Benjamin Seong Lee sold 5,575 shares of the stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $143.35, for a total transaction of $799,176.25. Following the completion of the transaction, the insider directly owned 79,309 shares of the company’s stock, valued at approximately $11,368,945.15. This represents a 6.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Michelle Marie Reynolds sold 2,291 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $143.59, for a total value of $328,964.69. Following the transaction, the chief accounting officer owned 17,133 shares of the company’s stock, valued at $2,460,127.47. This represents a 11.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 360,330 shares of company stock worth $73,006,663 in the last 90 days. 34.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on RDDT shares. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $285.00 price objective on shares of Reddit in a research report on Tuesday, January 20th. Robert W. Baird set a $200.00 target price on shares of Reddit in a research note on Friday, February 6th. Oppenheimer dropped their price target on shares of Reddit from $300.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, February 6th. Weiss Ratings reissued a “hold (c-)” rating on shares of Reddit in a research note on Monday, December 29th. Finally, Needham & Company LLC restated a “buy” rating and set a $300.00 price objective on shares of Reddit in a research report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $242.19.

Reddit Trading Up 5.7%

NYSE RDDT opened at $139.91 on Tuesday. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95. The stock has a market cap of $26.73 billion, a PE ratio of 53.40, a P/E/G ratio of 0.96 and a beta of 2.41. The stock’s 50 day moving average is $175.52 and its 200 day moving average is $204.27.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. During the same quarter last year, the business posted $0.36 earnings per share. The company’s revenue for the quarter was up 69.7% compared to the same quarter last year. On average, analysts forecast that Reddit Inc. will post 1.12 EPS for the current fiscal year.

About Reddit

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.