Styrax Capital LP Acquires Shares of 250,000 Reddit Inc. $RDDT

Styrax Capital LP acquired a new stake in shares of Reddit Inc. (NYSE:RDDT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor 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 investment portfolio, making the stock its 13th largest position.

Other institutional investors have also recently made changes to their positions in the company. Sunbelt Securities Inc. lifted its position in shares of Reddit by 87.5% in the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock worth $26,000 after buying an additional 91 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Reddit by 48.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock valued at $34,000 after buying an additional 64 shares in the last quarter. Beacon Investment Advisory Services Inc. bought a new stake in Reddit in the 2nd quarter worth approximately $35,000. Summit Securities Group LLC purchased a new stake in shares of Reddit during the 4th quarter worth approximately $46,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its position in shares of Reddit by 214.3% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 220 shares of the company’s stock valued at $51,000 after acquiring an additional 150 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Robert W. Baird set a $185.00 target price on shares of Reddit in a report on Friday, July 31st. Sanford C. Bernstein reissued a “market perform” rating and issued a $180.00 price objective on shares of Reddit in a research note on Friday, July 31st. Jefferies Financial Group set a $250.00 target price on shares of Reddit in a report on Friday, July 10th. Deutsche Bank Aktiengesellschaft set a $200.00 target price on shares of Reddit in a research report on Friday, July 31st. Finally, Guggenheim reaffirmed a “buy” rating on shares of Reddit in a report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $221.10.

Reddit Trading Down 1.2%

Shares of RDDT opened at $154.18 on Friday. The company’s fifty day simple moving average is $170.58 and its 200-day simple moving average is $158.80. The company has a market cap of $29.66 billion, a P/E ratio of 35.86, a P/E/G ratio of 0.71 and a beta of 2.02. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.30. The firm had revenue of $804.91 million during the quarter, compared to analysts’ expectations of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The firm’s revenue for the quarter was up 61.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.45 EPS. Analysts predict that Reddit Inc. will post 5.27 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Michelle Reynolds sold 808 shares of the company’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 transaction of $161,600.00. Following the transaction, the chief accounting officer owned 15,060 shares of the company’s stock, valued at approximately $3,012,000. This represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert A. Sauerberg sold 5,128 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $159.92, for a total value of $820,069.76. Following the completion of the sale, the director owned 27,087 shares in the company, valued at approximately $4,331,753.04. The trade was a 15.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 210,102 shares of company stock worth $36,375,252 in the last ninety 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.