Meridian Wealth Management LLC Decreases Holdings in Reddit Inc. $RDDT

Meridian Wealth Management LLC lowered its holdings in Reddit Inc. (NYSE:RDDT) by 7.1% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 64,181 shares of the company’s stock after selling 4,935 shares during the quarter. Meridian Wealth Management LLC’s holdings in Reddit were worth $9,664,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. boosted its stake in Reddit by 0.3% in the second quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company’s stock valued at $3,023,000 after acquiring an additional 65 shares in the last quarter. Congress Park Capital LLC grew its position in shares of Reddit by 2.0% during the second quarter. Congress Park Capital LLC now owns 3,885 shares of the company’s stock worth $585,000 after acquiring an additional 76 shares during the last quarter. Platinum Investment Management Ltd. boosted its stake 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. Signaturefd LLC increased its stake in Reddit by 3.5% in the first quarter. Signaturefd LLC now owns 2,859 shares of the company’s stock valued at $300,000 after purchasing an additional 97 shares during the period. Finally, CWM LLC boosted its stake in shares of Reddit by 100.0% during the first quarter. CWM LLC now owns 256 shares of the company’s stock worth $27,000 after buying an additional 128 shares during the period.

Reddit Stock Up 2.0%

RDDT stock opened at $193.24 on Friday. The stock’s 50 day moving average is $218.30 and its two-hundred day moving average is $176.69. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95. The company has a market capitalization of $36.62 billion, a PE ratio of 111.06, a P/E/G ratio of 2.09 and a beta of 2.14.

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

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $223.41, for a total transaction of $4,021,380.00. Following the sale, the chief executive officer owned 494,104 shares in the company, valued at $110,387,774.64. This represents a 3.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Jennifer L. Wong sold 40,967 shares of Reddit stock in a transaction that occurred on 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 transaction, 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 position. The SEC filing for this sale provides additional information. Insiders have sold a total of 420,126 shares of company stock valued at $93,805,834 over the last ninety days. 34.25% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have weighed in on RDDT shares. 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. Zacks Research raised Reddit from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 29th. Bank of America boosted their price objective on shares of Reddit from $180.00 to $210.00 and gave the stock a “neutral” rating in a report on Friday, October 31st. Guggenheim raised their price objective on shares of Reddit from $165.00 to $215.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Finally, Truist Financial set a $270.00 price target on shares of Reddit in a report on Friday, October 31st. Three research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $226.33.

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.