Sidoxia Capital Management LLC Takes $713,000 Position in Reddit Inc. $RDDT

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

A number of other hedge funds have also bought and sold shares of the business. Truist Financial Corp grew its holdings in shares of Reddit by 67.7% in the fourth quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock worth $3,600,000 after acquiring an additional 6,321 shares during the period. Swiss Life Asset Management Ltd lifted its holdings in Reddit by 63.2% in the fourth quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock valued at $7,357,000 after acquiring an additional 12,398 shares during the period. Calamos Advisors LLC bought a new position in Reddit in the fourth quarter valued at about $2,299,000. Handelsbanken Fonder AB boosted its position in Reddit by 22.9% in 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 last quarter. Finally, Berkshire Capital Holdings Inc. boosted its position in Reddit by 326,400.0% in 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 last quarter.

Insiders Place Their Bets

In other news, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $158.52, for a total value of $6,208,752.84. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at $172,541,252.52. This represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of the firm’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total transaction of $161,600.00. Following the sale, the chief accounting officer owned 15,060 shares in the company, valued at $3,012,000. The trade was a 5.09% decrease in their ownership of the stock. 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 a total of 151,141 shares of company stock worth $25,635,785 over the last three months. 28.48% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Wedbush lowered their price objective 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. Evercore restated an “outperform” rating and set a $265.00 target price on shares of Reddit in a research report on Friday, July 31st. JPMorgan Chase & Co. reduced their target price on shares of Reddit from $200.00 to $185.00 and set a “neutral” rating for the company in a report on Friday, July 31st. DA Davidson reiterated a “buy” rating and issued a $200.00 price target on shares of Reddit in a research report on Thursday, July 23rd. Finally, Telsey Advisory Group set a $240.00 price target on shares of Reddit in a research note on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and an average price target of $220.90.

Reddit Stock Up 3.0%

RDDT stock opened at $158.10 on Friday. The business’s 50-day moving average price is $175.21 and its 200-day moving average price is $159.70. The stock has a market cap of $30.42 billion, a P/E ratio of 36.77, a PEG ratio of 0.52 and a beta of 2.03. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, July 30th. The company reported $1.25 earnings per share (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 analyst estimates of $731.00 million. During the same period in the prior year, the firm posted $0.45 EPS. The firm’s quarterly revenue was up 61.0% compared to the same quarter last year. On average, equities research analysts expect that Reddit Inc. will post 5.22 earnings per share for the current fiscal year.

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.