Sidoxia Capital Management LLC Buys New Holdings in Reddit Inc. $RDDT

Sidoxia Capital Management LLC purchased a new position in Reddit Inc. (NYSE:RDDT) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,110 shares of the company’s stock, valued at approximately $713,000.

A number of other institutional investors have also added to or reduced their stakes in RDDT. Capital World Investors bought a new stake in shares of Reddit during the fourth quarter valued at approximately $1,293,258,000. Norges Bank bought a new position in shares of Reddit during the fourth quarter worth $372,047,000. Invesco Ltd. boosted its position in shares of Reddit by 419.0% during the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after acquiring an additional 1,201,237 shares during the last quarter. State Street Corp boosted its position in shares of Reddit by 138.5% during the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after acquiring an additional 1,178,890 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in Reddit by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock valued at $3,062,339,000 after acquiring an additional 1,083,540 shares in the last quarter.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $173.13, for a total value of $3,116,340.00. Following the completion of the transaction, the chief executive officer owned 373,814 shares in the company, valued at approximately $64,718,417.82. This trade represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $158.52, for a total value of $6,208,752.84. Following the sale, the chief operating officer directly owned 1,088,451 shares in the company, valued at $172,541,252.52. The trade was a 3.47% 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. In the last quarter, insiders sold 151,141 shares of company stock valued at $25,635,785. Insiders own 28.48% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. DA Davidson reiterated a “buy” rating and issued a $200.00 price target on shares of Reddit in a report on Thursday, July 23rd. Rothschild & Co Redburn set a $110.00 price objective on shares of Reddit in a report on Monday, April 27th. Evercore restated an “outperform” rating and set a $265.00 price objective on shares of Reddit in a research report on Friday, July 31st. UBS Group reaffirmed a “buy” rating on shares of Reddit in a report on Friday, July 31st. Finally, Roth Capital reiterated a “neutral” rating and issued a $145.00 target price on shares of Reddit in a research report on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $220.90.

Reddit Stock Up 3.0%

Reddit stock opened at $158.10 on Friday. Reddit Inc. has a 52-week low of $119.27 and a 52-week high of $282.95. The firm’s fifty day moving average is $175.21 and its 200 day moving average is $159.70. The company has a market cap of $30.42 billion, a price-to-earnings ratio of 36.77, a PEG 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. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The business had revenue of $804.91 million during the quarter, compared to analysts’ expectations of $731.00 million. During the same period last year, the company posted $0.45 EPS. The business’s revenue was up 61.0% on a year-over-year basis. On average, equities research analysts anticipate that Reddit Inc. will post 5.22 earnings per share for the current fiscal year.

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.