Envestnet Asset Management Inc. Has $7.13 Million Stock Position in Reddit Inc. $RDDT

Envestnet Asset Management Inc. reduced its stake in Reddit Inc. (NYSE:RDDT) by 36.5% during the 2nd quarter, HoldingsChannel reports. The firm owned 47,340 shares of the company’s stock after selling 27,175 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Reddit were worth $7,128,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of RDDT. Vanguard Group Inc. boosted its stake in Reddit by 11.1% in the 1st quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company’s stock valued at $1,069,828,000 after buying an additional 1,017,162 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Reddit by 103.0% during the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock valued at $593,733,000 after acquiring an additional 2,871,232 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in shares of Reddit by 10.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,073,939 shares of the company’s stock valued at $427,357,000 after purchasing an additional 389,761 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Reddit by 98.2% in the 1st quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company’s stock valued at $200,096,000 after purchasing an additional 944,847 shares in the last quarter. Finally, Scge Management L.P. grew its holdings in shares of Reddit by 121.1% in the 1st quarter. Scge Management L.P. now owns 1,612,000 shares of the company’s stock worth $169,099,000 after purchasing an additional 883,000 shares during the last quarter.

Reddit Price Performance

RDDT opened at $208.45 on Wednesday. The stock has a market capitalization of $39.50 billion, a P/E ratio of 119.80, a price-to-earnings-growth ratio of 2.25 and a beta of 2.14. The company’s 50 day simple moving average is $220.51 and its 200-day simple moving average is $175.91. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.30. The firm had revenue of $585.00 million for the quarter, compared to the consensus estimate of $546.65 million. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The business’s revenue for the quarter was up 67.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.16 EPS. Reddit has set its Q4 2025 guidance at EPS. As a group, analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Truist Financial set a $270.00 price target on shares of Reddit in a report on Friday, October 31st. Argus began coverage on shares of Reddit in a report on Monday, August 18th. They set a “buy” rating and a $250.00 price objective for the company. JMP Securities reiterated a “market outperform” rating and issued a $300.00 target price on shares of Reddit in a research note on Friday, October 3rd. Robert W. Baird increased their price target on Reddit from $177.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, September 25th. Finally, Sanford C. Bernstein raised their price target on Reddit from $190.00 to $210.00 and gave the company a “market perform” rating in a report on Friday, October 31st. 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 assigned a Sell rating to the stock. According to MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus price target of $226.33.

Insider Transactions at Reddit

In related news, CFO Andrew Vollero sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $218.09, for a total value of $6,542,700.00. Following the transaction, the chief financial officer owned 284,168 shares in the company, valued at $61,974,199.12. This trade represents a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jennifer L. Wong sold 40,967 shares of Reddit stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $220.38, for a total value of $9,028,307.46. Following the completion of the sale, the chief operating officer owned 120,033 shares of the company’s stock, valued at approximately $26,452,872.54. The trade was a 25.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 420,126 shares of company stock worth $94,369,614. 34.25% of the stock is owned by insiders.

Reddit Profile

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.