Two Sigma Securities LLC Makes New $809,000 Investment in Reddit Inc. $RDDT

Two Sigma Securities LLC purchased a new position in shares of Reddit Inc. (NYSE:RDDT) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 4,659 shares of the company’s stock, valued at approximately $809,000.

Other large investors also recently made changes to their positions in the company. Sunbelt Securities Inc. raised its stake in shares of Reddit by 87.5% in the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after acquiring an additional 91 shares in the last quarter. Ascentis Independent Advisors acquired a new stake in Reddit in the 1st quarter worth approximately $30,000. EverSource Wealth Advisors LLC boosted its position in Reddit by 48.1% during the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after purchasing an additional 64 shares during the period. Beacon Investment Advisory Services Inc. bought a new stake in Reddit during the second quarter worth approximately $35,000. Finally, Geneos Wealth Management Inc. boosted its position in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares during the period.

Wall Street Analyst Weigh In

A number of research firms have recently commented on RDDT. KeyCorp initiated coverage on shares of Reddit in a research report on Wednesday, July 29th. They issued an “overweight” rating and a $225.00 price target on the stock. Robert W. Baird set a $185.00 price objective on shares of Reddit in a report on Friday, July 31st. Wedbush lowered their target price on shares of Reddit from $250.00 to $221.00 and set an “outperform” rating on the stock in a research note on Friday, July 31st. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 target price on shares of Reddit in a report on Wednesday, June 24th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Reddit in a report on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $221.10.

Reddit Stock Down 2.4%

RDDT opened at $144.25 on Wednesday. The stock’s 50 day moving average price is $170.91 and its two-hundred day moving average price is $158.53. The firm has a market capitalization of $27.75 billion, a P/E ratio of 33.55, a price-to-earnings-growth ratio of 0.49 and a beta of 2.02. 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 results 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 return on equity of 29.02% and a net margin of 31.35%.The company had revenue of $804.91 million during the quarter, compared to analyst estimates of $731.00 million. During the same period in the previous year, the company earned $0.45 earnings per share. The company’s quarterly revenue was up 61.0% compared to the same quarter last year. As a group, analysts anticipate that Reddit Inc. will post 5.27 earnings per share for the current year.

Insider Activity at Reddit

In other Reddit news, COO Jennifer L. Wong sold 75,000 shares of the stock in a transaction on Friday, August 14th. The shares were sold at an average price of $178.55, for a total value of $13,391,250.00. Following the completion of the sale, the chief operating officer directly owned 1,050,339 shares of the company’s stock, valued at $187,538,028.45. This represents a 6.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction on Friday, August 14th. The shares were sold at an average price of $178.16, for a total transaction of $3,206,880.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at approximately $66,598,702.24. This trade represents a 4.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 192,102 shares of company stock worth $33,710,892. Insiders own 28.48% of the company’s stock.

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.