Warm Springs Advisors Inc. Purchases New Position in Reddit Inc. $RDDT

Warm Springs Advisors Inc. acquired a new stake in Reddit Inc. (NYSE:RDDT) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 10,000 shares of the company’s stock, valued at approximately $1,346,000. Reddit accounts for approximately 1.1% of Warm Springs Advisors Inc.’s investment portfolio, making the stock its 24th biggest holding.

A number of other hedge funds and other institutional investors also recently modified their holdings of RDDT. NewEdge Advisors LLC boosted its holdings in Reddit by 143.3% in the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after purchasing an additional 4,701 shares during the last quarter. Empowered Funds LLC purchased a new stake in Reddit during the 1st quarter worth approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Reddit by 106.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after purchasing an additional 111,780 shares in the last quarter. Focus Partners Wealth raised its position in shares of Reddit by 40.8% in the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock valued at $1,073,000 after purchasing an additional 2,965 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after buying an additional 286 shares during the last quarter.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction on Friday, May 15th. The stock was sold at an average price of $157.15, for a total transaction of $2,828,700.00. Following the transaction, the chief executive officer directly owned 411,195 shares in the company, valued at approximately $64,619,294.25. This trade represents a 4.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of the business’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total value of $161,600.00. Following the completion of the sale, the chief accounting officer directly owned 15,060 shares in the company, valued at $3,012,000. This represents a 5.09% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 226,308 shares of company stock worth $37,856,340 over the last three months. Corporate insiders own 28.48% of the company’s stock.

Reddit Stock Performance

Shares of RDDT traded down $5.22 during mid-day trading on Friday, reaching $195.09. 3,746,228 shares of the company’s stock traded hands, compared to its average volume of 3,928,101. The business’s 50-day moving average price is $169.48 and its 200-day moving average price is $170.92. The stock has a market capitalization of $37.56 billion, a P/E ratio of 55.74 and a beta of 1.93. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The business had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. During the same period in the prior year, the company posted $0.13 EPS. The business’s revenue for the quarter was up 69.1% compared to the same quarter last year. Equities research analysts anticipate that Reddit Inc. will post 4.83 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Citizens Jmp decreased their price target on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating for the company in a research report on Friday, May 1st. Truist Financial set a $265.00 price objective on shares of Reddit in a research note on Friday, May 1st. Zacks Research lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Citigroup reissued a “market outperform” rating on shares of Reddit in a research report on Tuesday, May 26th. Finally, Needham & Company LLC restated a “buy” rating and issued a $300.00 target price on shares of Reddit in a research note on Wednesday, June 24th. Eighteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $231.14.

Reddit Company 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.