Styrax Capital LP Invests $43.40 Million in Reddit Inc. $RDDT

Styrax Capital LP acquired a new position in Reddit Inc. (NYSE:RDDT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 250,000 shares of the company’s stock, valued at approximately $43,395,000. Reddit comprises about 2.9% of Styrax Capital LP’s holdings, making the stock its 13th biggest holding. Styrax Capital LP owned 0.13% of Reddit at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RDDT. Evansbrook LLC raised its position in Reddit by 2.2% in the first quarter. Evansbrook LLC now owns 2,736 shares of the company’s stock worth $368,000 after acquiring an additional 59 shares during the period. Signaturefd LLC grew its position in shares of Reddit by 7.6% during the 2nd quarter. Signaturefd LLC now owns 878 shares of the company’s stock valued at $152,000 after acquiring an additional 62 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Reddit by 48.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after purchasing an additional 64 shares in the last quarter. Florida Financial Advisors LLC increased its stake in shares of Reddit by 6.7% in the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after purchasing an additional 68 shares in the last quarter. Finally, Diversified Trust Co raised its holdings in Reddit by 2.1% in the 1st quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock worth $440,000 after purchasing an additional 68 shares during the period.

Analyst Ratings Changes

Several research firms have issued reports on RDDT. Robert W. Baird set a $185.00 price target on Reddit in a report on Friday, July 31st. Telsey Advisory Group set a $240.00 price objective on Reddit in a research note on Friday, July 31st. B. Riley Financial boosted their price objective on Reddit from $250.00 to $270.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Truist Financial increased their target price on shares of Reddit from $265.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Finally, DA Davidson restated a “buy” rating and set a $200.00 target price on shares of Reddit in a research note on Thursday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $221.10.

Insiders Place Their Bets

In related news, COO Jennifer Wong sold 75,000 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $178.55, for a total value of $13,391,250.00. Following the transaction, the chief operating officer directly owned 1,050,339 shares of the company’s stock, valued at approximately $187,538,028.45. The trade was a 6.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Reynolds sold 808 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total value of $161,600.00. Following the completion of the transaction, the chief accounting officer directly owned 15,060 shares in the company, valued at approximately $3,012,000. This represents a 5.09% decrease in their ownership of the stock. 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 210,102 shares of company stock worth $36,375,252 over the last quarter. Company insiders own 28.48% of the company’s stock.

Reddit Stock Performance

Shares of RDDT stock opened at $154.18 on Friday. The stock has a fifty day simple moving average of $170.58 and a two-hundred day simple moving average of $158.80. The firm has a market capitalization of $29.66 billion, a PE ratio of 35.86, a PEG ratio of 0.71 and a beta of 2.02. Reddit Inc. has a 52-week low of $119.27 and a 52-week high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, July 30th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $0.95 by $0.30. The business had revenue of $804.91 million for the quarter, compared to the consensus estimate of $731.00 million. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The business’s revenue was up 61.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.45 earnings per share. On average, sell-side analysts forecast that Reddit Inc. will post 5.27 EPS for the current fiscal year.

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.