Norges Bank Buys New Holdings in Reddit Inc. $RDDT

Norges Bank acquired a new stake in shares of Reddit Inc. (NYSE:RDDT) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 1,954,269 shares of the company’s stock, valued at approximately $294,254,000. Norges Bank owned 1.04% of Reddit at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Resona Asset Management Co. Ltd. raised its holdings in shares of Reddit by 0.3% during the second quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company’s stock worth $3,023,000 after purchasing an additional 65 shares during the last quarter. Congress Park Capital LLC grew its position in Reddit by 2.0% during the 2nd quarter. Congress Park Capital LLC now owns 3,885 shares of the company’s stock worth $585,000 after purchasing an additional 76 shares during the period. Platinum Investment Management Ltd. grew its position in Reddit by 4.3% during the 2nd quarter. Platinum Investment Management Ltd. now owns 2,322 shares of the company’s stock worth $350,000 after purchasing an additional 95 shares during the period. CWM LLC grew its position in Reddit by 100.0% during the 1st quarter. CWM LLC now owns 256 shares of the company’s stock worth $27,000 after purchasing an additional 128 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Reddit by 12.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,323 shares of the company’s stock valued at $139,000 after buying an additional 147 shares during the last quarter.

Analyst Upgrades and Downgrades

RDDT has been the topic of a number of recent research reports. Zacks Research upgraded Reddit from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 29th. JPMorgan Chase & Co. boosted their price target on Reddit from $190.00 to $227.00 and gave the company a “neutral” rating in a report on Friday, October 31st. Piper Sandler reaffirmed an “overweight” rating and set a $290.00 price objective on shares of Reddit in a research note on Friday, October 3rd. Robert W. Baird boosted their target price on shares of Reddit from $177.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, September 25th. Finally, Raymond James Financial reissued a “strong-buy” rating and set a $250.00 price target (up from $225.00) on shares of Reddit in a report on Monday, October 20th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $226.33.

Insiders Place Their Bets

In related news, CTO Christopher Brian Slowe sold 24,000 shares of the firm’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $192.72, for a total value of $4,625,280.00. Following the transaction, the chief technology officer directly owned 175,694 shares of the company’s stock, valued at approximately $33,859,747.68. This trade represents a 12.02% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 63,427 shares of Reddit stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $192.72, for a total value of $12,223,651.44. Following the completion of the sale, the chief operating officer owned 1,184,528 shares in the company, valued at approximately $228,282,236.16. The trade was a 5.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 406,370 shares of company stock valued at $85,827,004. 34.25% of the stock is owned by company insiders.

Reddit Price Performance

Shares of RDDT stock opened at $216.90 on Monday. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95. The company has a market cap of $41.10 billion, a price-to-earnings ratio of 124.66, a PEG ratio of 2.38 and a beta of 2.17. The stock has a 50 day simple moving average of $206.20 and a 200-day simple moving average of $183.44.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.30. The firm had revenue of $584.91 million for the quarter, compared to analysts’ expectations of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The firm’s revenue for the quarter was up 67.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.16 EPS. Reddit has set its Q4 2025 guidance at EPS. Analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.