Reddit Inc. $RDDT Shares Acquired by SteelPeak Wealth LLC

SteelPeak Wealth LLC increased its position in shares of Reddit Inc. (NYSE:RDDT) by 177.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,741 shares of the company’s stock after buying an additional 4,308 shares during the period. SteelPeak Wealth LLC’s holdings in Reddit were worth $908,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ascentis Independent Advisors purchased a new position in Reddit in the first quarter valued at about $30,000. LOM Asset Management Ltd bought a new stake in Reddit in the fourth quarter valued at about $33,000. Noble Wealth Management PBC acquired a new stake in Reddit during the fourth quarter valued at approximately $34,000. Geneos Wealth Management Inc. raised its position in shares of Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares in the last quarter. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Reddit during the first quarter worth $43,000.

Insiders Place Their Bets

In related news, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the sale, the chief operating officer directly owned 1,088,451 shares in the company, valued at $172,541,252.52. The trade was a 3.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at $66,636,083.64. The trade was a 4.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 169,141 shares of company stock worth $28,680,845. 28.48% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Wells Fargo & Company upped their target price on Reddit from $176.00 to $187.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. Jefferies Financial Group set a $250.00 price target on Reddit in a report on Friday, July 10th. Weiss Ratings restated a “hold (c)” rating on shares of Reddit in a research report on Friday, May 8th. DA Davidson restated a “buy” rating and set a $200.00 price objective on shares of Reddit in a research note on Friday, May 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 target price on shares of Reddit in a research report on Wednesday, June 24th. Nineteen investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $231.79.

Key Reddit News

Here are the key news stories impacting Reddit this week:

• Positive Sentiment: Wedbush initiated coverage on Reddit with an Outperform rating and a $250 price target, signaling strong confidence in the company’s long-term monetization potential. Benzinga article on Wedbush coverage
• Positive Sentiment: Analysts highlighted Reddit’s AI initiative, including partnerships, platform upgrades, and ad tools, as a growing driver of revenue and engagement. Zacks article on Reddit AI initiative
• Positive Sentiment: Jefferies said Reddit could beat second-quarter revenue and EBITDA expectations thanks to strong ad checks and improving user growth, which would support the bullish earnings narrative. Proactive Investors article on earnings beat potential
• Positive Sentiment: Several reports suggested Reddit stock may be undervalued relative to its AI and ad-growth outlook, with one piece citing as much as 47% upside based on those themes. Yahoo Finance article on undervaluation
• Neutral Sentiment: One article noted that analysts are still mixed on Reddit and other communication-services names, suggesting the stock may remain volatile as sentiment varies. The Globe and Mail article on conflicted analysts
• Negative Sentiment: Reddit also saw coverage around a recent selloff and questions about why the stock fell more than the broader market, indicating some traders are still taking profits after a strong run. Zacks article on recent decline

Reddit Trading Down 1.8%

NYSE RDDT opened at $181.91 on Friday. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95. The stock has a market cap of $35.02 billion, a price-to-earnings ratio of 51.97 and a beta of 1.93. The company has a 50-day moving average price of $172.78 and a two-hundred day moving average price of $169.74.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. The company had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The business’s revenue for the quarter was up 69.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.13 earnings per share. As a group, equities research analysts expect that Reddit Inc. will post 4.85 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.