Two Sigma Securities LLC Purchases Shares of 4,659 Reddit Inc. $RDDT

Two Sigma Securities LLC acquired a new position in Reddit Inc. (NYSE:RDDT) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 4,659 shares of the company’s stock, valued at approximately $809,000.

Other hedge funds also recently modified their holdings of the company. Sunbelt Securities Inc. increased its position in shares of Reddit by 87.5% during the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after purchasing an additional 91 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of Reddit by 48.1% in the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock valued at $34,000 after purchasing an additional 64 shares in the last quarter. Beacon Investment Advisory Services Inc. bought a new position in Reddit in the second quarter worth $35,000. Summit Securities Group LLC bought a new position in Reddit in the fourth quarter worth $46,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its position in Reddit by 214.3% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 220 shares of the company’s stock worth $51,000 after purchasing an additional 150 shares during the period.

Analysts Set New Price Targets

RDDT has been the topic of several analyst reports. Wedbush lowered their price target on shares of Reddit from $250.00 to $221.00 and set an “outperform” rating on the stock in a report on Friday, July 31st. Wall Street Zen downgraded shares of Reddit from a “buy” rating to a “hold” rating in a report on Sunday, August 9th. Wells Fargo & Company reduced their price objective on shares of Reddit from $187.00 to $142.00 and set an “equal weight” rating for the company in a report on Friday, July 31st. Raymond James Financial reiterated a “strong-buy” rating and set a $205.00 target price on shares of Reddit in a research report on Monday, August 17th. Finally, Sanford C. Bernstein reissued a “market perform” rating and issued a $180.00 target price on shares of Reddit in a research note on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of $221.10.

Reddit Price Performance

Shares of RDDT stock opened at $144.25 on Wednesday. The stock’s fifty day simple moving average is $170.91 and its 200 day simple moving average is $158.53. The firm has a market cap of $27.75 billion, a price-to-earnings ratio of 33.55, a P/E/G ratio of 0.49 and a beta of 2.02. Reddit Inc. has a one year low of $119.27 and a one year high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings data 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 return on equity of 29.02% and a net margin of 31.35%.The firm 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 company posted $0.45 earnings per share. The business’s revenue for the quarter was up 61.0% compared to the same quarter last year. On average, research analysts anticipate that Reddit Inc. will post 5.27 earnings per share for the current year.

Insider Activity

In other news, Director Robert A. Sauerberg sold 5,128 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $159.92, for a total value of $820,069.76. Following the sale, the director owned 27,087 shares of the company’s stock, valued at approximately $4,331,753.04. This represents a 15.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Michelle Marie Reynolds sold 808 shares of the company’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total transaction of $161,600.00. Following the completion of the sale, the chief accounting officer directly owned 15,060 shares in the company, valued at approximately $3,012,000. The trade was a 5.09% decrease in their position. 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 have sold a total of 192,102 shares of company stock worth $33,710,892 over the last 90 days. 28.48% of the stock is currently owned by company insiders.

Reddit Profile

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.