Reddit Inc. $RDDT Shares Sold by Waterway Wealth Management LLC

Waterway Wealth Management LLC cut its holdings in Reddit Inc. (NYSE:RDDT) by 74.6% in the first quarter, Holdings Channel reports. The institutional investor owned 1,685 shares of the company’s stock after selling 4,954 shares during the quarter. Waterway Wealth Management LLC’s holdings in Reddit were worth $227,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Huntington National Bank grew its stake in Reddit by 25.6% in the 3rd quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after acquiring an additional 55 shares during the period. Institute for Wealth Management LLC. increased its holdings in Reddit by 6.1% in the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock worth $246,000 after acquiring an additional 62 shares in the last quarter. Roxbury Financial LLC raised its position in Reddit by 7.4% during the fourth quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after acquiring an additional 64 shares during the period. Florida Financial Advisors LLC raised its position in Reddit by 6.7% during the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after acquiring an additional 68 shares during the period. Finally, Diversified Trust Co lifted its holdings in Reddit by 2.1% during the first quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock valued at $440,000 after purchasing an additional 68 shares in the last quarter.

Reddit News Summary

Here are the key news stories impacting Reddit this week:

• Positive Sentiment: Needham reaffirmed its Buy rating on Reddit and raised its price target to $300, implying meaningful upside if the company continues executing on growth and monetization. Benzinga report on Needham rating
• Positive Sentiment: Yahoo Finance highlighted Reddit’s push toward 1 billion users and said improving profitability could open new opportunities in advertising and AI-related monetization. Yahoo Finance article
• Positive Sentiment: Analysts and market coverage continue to describe Reddit as a moderate buy, suggesting Wall Street still sees room for growth despite recent volatility. American Banking News article
• Neutral Sentiment: Reddit is getting broader public attention, including a Zacks note saying the stock has been drawing unusually heavy interest from users and investors lately. Zacks article
• Negative Sentiment: Technical commentary suggests the stock’s recent selloff may still be in play, with one analysis saying the $166 support level could determine whether downside has gone too far. Investing.com article

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $178.26, for a total value of $3,208,680.00. Following the transaction, the chief executive officer owned 373,814 shares of the company’s stock, valued at $66,636,083.64. This represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the company’s stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total value of $2,335,385.00. Following the completion of the transaction, the chief technology officer directly owned 38,413 shares in the company, valued at approximately $5,787,686.71. This trade represents a 28.75% 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 sold a total of 241,000 shares of company stock valued at $39,303,645 over the last quarter. 28.48% of the stock is owned by insiders.

Reddit Price Performance

Reddit stock opened at $157.82 on Friday. The firm has a 50 day simple moving average of $162.33 and a 200-day simple moving average of $173.60. The stock has a market cap of $30.38 billion, a price-to-earnings ratio of 45.09 and a beta of 1.91. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. During the same quarter in the previous year, the company earned $0.13 EPS. The business’s revenue for the quarter was up 69.1% compared to the same quarter last year. Equities analysts expect that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RDDT has been the subject of a number of research reports. Jefferies Financial Group cut their target price on shares of Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Truist Financial set a $265.00 price objective on Reddit in a research note on Friday, May 1st. Raymond James Financial set a $180.00 target price on Reddit and gave the company a “market perform” rating in a research report on Friday, May 1st. Citizens Jmp lowered their price target on Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a research note on Friday, May 1st. Finally, Piper Sandler reiterated an “overweight” rating and set a $215.00 price target (up from $205.00) on shares of Reddit in a research report on Friday, May 1st. Eighteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average price target of $230.75.

Reddit Company 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.