FirstWave Capital Management LLC Has $13.43 Million Position in Reddit Inc. $RDDT

FirstWave Capital Management LLC lifted its holdings in Reddit Inc. (NYSE:RDDT) by 43.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 77,389 shares of the company’s stock after purchasing an additional 23,356 shares during the period. Reddit comprises 5.9% of FirstWave Capital Management LLC’s holdings, making the stock its biggest holding. FirstWave Capital Management LLC’s holdings in Reddit were worth $13,433,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Truist Financial Corp grew its stake in Reddit by 67.7% during the 4th quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock valued at $3,600,000 after acquiring an additional 6,321 shares in the last quarter. Swiss Life Asset Management Ltd lifted its position in shares of Reddit by 63.2% in the fourth quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock worth $7,357,000 after purchasing an additional 12,398 shares in the last quarter. Wellington Management Group LLP boosted its holdings 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 worth $271,572,000 after purchasing an additional 280,030 shares during the period. Handelsbanken Fonder AB boosted its holdings in shares of Reddit by 22.9% during the fourth quarter. Handelsbanken Fonder AB now owns 37,000 shares of the company’s stock worth $8,505,000 after purchasing an additional 6,900 shares during the period. Finally, Berkshire Capital Holdings Inc. boosted its holdings in shares of Reddit by 326,400.0% during the fourth quarter. Berkshire Capital Holdings Inc. now owns 32,650 shares of the company’s stock worth $7,505,000 after purchasing an additional 32,640 shares during the period.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Huffman sold 18,000 shares of the firm’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $148.02, for a total transaction of $2,664,360.00. Following the transaction, the chief executive officer directly owned 336,432 shares in the company, valued at $49,798,664.64. This trade represents a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert A. Sauerberg sold 5,128 shares of the business’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 completion of the sale, the director directly owned 27,087 shares of the company’s stock, valued at $4,331,753.04. This represents a 15.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 210,102 shares of company stock worth $36,375,252 in the last 90 days. 28.48% of the stock is currently owned by company insiders.

Reddit Stock Performance

Shares of RDDT opened at $154.18 on Friday. The firm has a market cap of $29.66 billion, a PE ratio of 35.86, a PEG ratio of 0.72 and a beta of 2.02. The firm’s 50 day moving average price is $170.58 and its 200 day moving average price is $158.80. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $0.95 by $0.30. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The company had revenue of $804.91 million during the quarter, compared to the consensus estimate of $731.00 million. During the same period in the previous year, the firm posted $0.45 earnings per share. The company’s revenue for the quarter was up 61.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Reddit Inc. will post 5.27 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RDDT has been the topic of several research reports. Wells Fargo & Company dropped their price objective on shares of Reddit from $187.00 to $142.00 and set an “equal weight” rating on the stock in a research note on Friday, July 31st. Raymond James Financial reissued a “strong-buy” rating and set a $205.00 target price on shares of Reddit in a research note on Monday, August 17th. Roth Capital restated a “neutral” rating and set a $145.00 price target on shares of Reddit in a report on Monday, August 3rd. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $180.00 price target on shares of Reddit in a research note on Friday, July 31st. Finally, Jefferies Financial Group set a $250.00 price objective on Reddit in a report on Friday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $221.10.

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.