DAVENPORT & Co LLC Invests $4.07 Million in Reddit Inc. $RDDT

DAVENPORT & Co LLC purchased a new position in shares of Reddit Inc. (NYSE:RDDT) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 27,004 shares of the company’s stock, valued at approximately $4,066,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CWM LLC raised its stake in shares of Reddit by 100.0% during the 1st quarter. CWM LLC now owns 256 shares of the company’s stock worth $27,000 after purchasing an additional 128 shares in the last quarter. Stone House Investment Management LLC purchased a new stake in shares of Reddit during the 1st quarter worth about $31,000. Geneos Wealth Management Inc. raised its stake in shares of Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares in the last quarter. Western Pacific Wealth Management LP purchased a new stake in shares of Reddit during the 2nd quarter worth about $60,000. Finally, Canton Hathaway LLC purchased a new stake in shares of Reddit during the 1st quarter worth about $43,000.

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 8,467 shares of the firm’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $257.25, for a total value of $2,178,135.75. Following the sale, the chief operating officer owned 111,566 shares of the company’s stock, valued at $28,700,353.50. This trade represents a 7.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Andrew Vollero sold 30,000 shares of Reddit stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $218.09, for a total value of $6,542,700.00. Following the sale, the chief financial officer directly owned 284,168 shares in the company, valued at $61,974,199.12. The trade was a 9.55% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 397,834 shares of company stock worth $86,512,599. Corporate insiders own 34.25% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RDDT. Cannonball Research reaffirmed a “buy” rating on shares of Reddit in a research note on Tuesday, September 23rd. Morgan Stanley increased their price objective on Reddit from $170.00 to $230.00 and gave the company an “overweight” rating in a report on Friday, August 1st. JMP Securities reissued a “market outperform” rating and set a $300.00 price objective on shares of Reddit in a report on Friday, October 3rd. Sanford C. Bernstein increased their price objective on Reddit from $130.00 to $150.00 and gave the company a “market perform” rating in a report on Tuesday, July 22nd. Finally, Argus started coverage on Reddit in a report on Monday, August 18th. They set a “buy” rating and a $250.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $203.92.

Reddit Stock Up 1.1%

RDDT opened at $205.94 on Wednesday. The firm has a market capitalization of $38.54 billion, a P/E ratio of 187.21, a price-to-earnings-growth ratio of 3.20 and a beta of 2.23. The stock’s 50 day moving average price is $227.01 and its two-hundred day moving average price is $157.84. Reddit Inc. has a 12-month low of $69.30 and a 12-month high of $282.95.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.25. The firm had revenue of $499.63 million for the quarter, compared to analyst estimates of $424.07 million. Reddit had a return on equity of 9.93% and a net margin of 12.97%.The company’s revenue was up 77.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.06) EPS. Reddit has set its Q3 2025 guidance at EPS. As a group, analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current year.

Reddit Profile

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.