Silvant Capital Management LLC Increases Stock Holdings in Reddit Inc. $RDDT

Silvant Capital Management LLC raised its stake in Reddit Inc. (NYSE:RDDT) by 16.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 41,953 shares of the company’s stock after purchasing an additional 5,978 shares during the period. Silvant Capital Management LLC’s holdings in Reddit were worth $9,644,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Raiffeisen Bank International AG purchased a new position in shares of Reddit during the third quarter worth approximately $25,000. GW&K Investment Management LLC purchased a new stake in shares of Reddit during the 3rd quarter worth $30,000. LOM Asset Management Ltd purchased a new stake in shares of Reddit during the 4th quarter worth $33,000. Noble Wealth Management PBC acquired a new position in shares of Reddit during the 4th quarter worth $34,000. Finally, Sound Income Strategies LLC acquired a new position in shares of Reddit during the 4th quarter worth $47,000.

Insider Activity at Reddit

In related news, CTO Christopher Brian Slowe sold 15,500 shares of the firm’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the completion of the transaction, the chief technology officer owned 38,413 shares of the company’s stock, valued at $5,787,686.71. This trade represents a 28.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $161.47, for a total value of $6,324,295.49. Following the completion of the transaction, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at $175,752,182.97. This trade represents a 3.47% 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 232,499 shares of company stock valued at $36,123,803 over the last 90 days. 28.48% of the stock is currently owned by corporate insiders.

Reddit Stock Performance

NYSE:RDDT opened at $181.83 on Tuesday. Reddit Inc. has a 1 year low of $119.27 and a 1 year high of $282.95. The stock has a market cap of $35.00 billion, a price-to-earnings ratio of 51.95 and a beta of 1.91. The business has a fifty day moving average of $158.30 and a 200-day moving average of $176.49.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company had revenue of $663.41 million during the quarter, compared to analysts’ expectations of $607.74 million. During the same quarter in the prior year, the business posted $0.13 earnings per share. The company’s revenue for the quarter was up 69.1% compared to the same quarter last year. On average, equities research analysts predict that Reddit Inc. will post 4.83 EPS for the current year.

Wall Street Analyst Weigh In

RDDT has been the subject of several research reports. Piper Sandler reaffirmed an “overweight” rating and set a $215.00 price target (up from $205.00) on shares of Reddit in a research note on Friday, May 1st. Citizens Jmp dropped their price objective on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating for the company in a research note on Friday, May 1st. Wall Street Zen cut Reddit from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Rothschild & Co Redburn set a $110.00 target price on Reddit in a report on Monday, April 27th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $200.00 price target on shares of Reddit in a 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $230.75.

About Reddit

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.