Reddit Inc. $RDDT Shares Bought by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System increased its stake in Reddit Inc. by 2,521.1% in Q2, owning 99,076 shares worth $14,918,000. Reddit's stock opened at $223.37, with a market cap of $42.33 billion. Analysts forecast growth, with Oppenheimer raising the price target to $300.00. Insiders sold shares worth $79,284,304 last quarter.

State Board of Administration of Florida Retirement System grew its stake in Reddit Inc. (NYSE:RDDT - Free Report) by 2,521.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 99,076 shares of the company's stock after acquiring an additional 95,296 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.05% of Reddit worth $14,918,000 at the end of the most recent quarter.

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A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. CWM LLC raised its stake in Reddit by 100.0% in the 1st quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after purchasing an additional 128 shares during the last quarter. Stone House Investment Management LLC purchased a new stake in shares of Reddit during the first quarter worth about $31,000. Financial Perspectives Inc acquired a new position in shares of Reddit in the second quarter valued at approximately $34,000. Geneos Wealth Management Inc. lifted its stake in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock valued at $39,000 after buying an additional 286 shares during the period. Finally, Advisors Asset Management Inc. boosted its position in Reddit by 68.2% during the second quarter. Advisors Asset Management Inc. now owns 365 shares of the company's stock worth $55,000 after acquiring an additional 148 shares during the last quarter.

Reddit Price Performance

Shares of NYSE:RDDT opened at $223.37 on Tuesday. The business has a 50-day moving average of $205.51 and a two-hundred day moving average of $184.22. The firm has a market capitalization of $42.33 billion, a PE ratio of 128.37, a P/E/G ratio of 2.38 and a beta of 2.17. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95.

Is the Reddit-ChatGPT Love Affair Over?

Reddit (NYSE:RDDT - Get Free Report) last issued its 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 analysts' expectations of $546.65 million. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The company's revenue for the quarter was up 67.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.16 EPS. Reddit has set its Q4 2025 guidance at EPS. As a group, research analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Activity at Reddit

In other news, CAO Michelle Marie Reynolds sold 3,215 shares of the stock in a transaction on Monday, November 24th. The shares were sold at an average price of $186.44, for a total value of $599,404.60. Following the completion of the sale, the chief accounting officer owned 21,807 shares of the company's stock, valued at $4,065,697.08. This represents a 12.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 18,000 shares of the firm's stock in a transaction on Friday, November 14th. The shares were sold at an average price of $194.81, for a total transaction of $3,506,580.00. Following the completion of the transaction, the chief executive officer directly owned 485,958 shares in the company, valued at approximately $94,669,477.98. This represents a 3.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 376,370 shares of company stock valued at $79,284,304 over the last quarter. Company insiders own 34.25% of the company's stock.

Wall Street Analysts Forecast Growth

Reddit Hits Record Highs: Why Wall Street Is Taking Notice

RDDT has been the subject of several analyst reports. Piper Sandler reiterated an "overweight" rating on shares of Reddit in a report on Monday. Oppenheimer lifted their price objective on Reddit from $215.00 to $300.00 and gave the company an "outperform" rating in a research report on Tuesday, September 16th. Zacks Research upgraded Reddit from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 29th. JMP Securities reissued a "market outperform" rating and issued a $300.00 price target on shares of Reddit in a research note on Friday, October 3rd. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of Reddit in a research note on Wednesday, October 1st. Three investment 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's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $226.33.

View Our Latest Report on Reddit

About Reddit

(Free Report)

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.

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