Tiger Global Management LLC trimmed its stake in shares of Reddit Inc. (NYSE:RDDT – Free Report) by 35.0% during the first quarter, Holdings Channel reports. The institutional investor owned 2,500,000 shares of the company’s stock after selling 1,343,915 shares during the period. Reddit makes up about 1.5% of Tiger Global Management LLC’s holdings, making the stock its 18th largest position. Tiger Global Management LLC’s holdings in Reddit were worth $336,625,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Reddit by 8.9% in the fourth quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock valued at $3,062,339,000 after acquiring an additional 1,083,540 shares in the last quarter. Capital World Investors acquired a new stake in Reddit in the fourth quarter worth approximately $1,293,258,000. State Street Corp boosted its stake in Reddit by 6.0% during the 4th quarter. State Street Corp now owns 2,631,332 shares of the company’s stock valued at $604,864,000 after purchasing an additional 149,401 shares in the last quarter. Geode Capital Management LLC boosted its stake in Reddit by 4.7% during the 4th quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company’s stock valued at $546,789,000 after purchasing an additional 106,821 shares in the last quarter. Finally, Morgan Stanley increased its position in shares of Reddit by 11.4% during the 4th quarter. Morgan Stanley now owns 2,372,443 shares of the company’s stock valued at $545,354,000 after purchasing an additional 242,709 shares during the period.
Reddit Stock Down 0.0%
Shares of NYSE RDDT opened at $168.75 on Friday. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95. The company has a market cap of $32.49 billion, a price-to-earnings ratio of 48.22 and a beta of 1.93. The business has a fifty day simple moving average of $174.67 and a 200-day simple moving average of $167.69.
Insiders Place Their Bets
In other Reddit news, CAO Michelle Marie Reynolds sold 808 shares of Reddit stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total transaction of $161,600.00. Following the transaction, the chief accounting officer directly owned 15,060 shares in the company, valued at approximately $3,012,000. The trade was a 5.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the sale, the chief operating officer directly owned 1,088,451 shares in the company, valued at approximately $172,541,252.52. This trade represents a 3.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 169,141 shares of company stock worth $28,680,845 over the last ninety days. 28.48% of the stock is currently owned by company insiders.
Key Reddit News
Here are the key news stories impacting Reddit this week:
- Positive Sentiment: Reddit was added to Wedbush’s Best Ideas list ahead of Q2 results, and DA Davidson reiterated a Buy rating with a $200 price target, signaling Wall Street still sees meaningful upside. Reddit added to Wedbush Best Ideas List ahead of Q2 results
- Positive Sentiment: Several recent bullish notes say Reddit’s fundamentals remain strong, with rapid revenue growth, high margins, and ad-driven expansion supporting the stock despite valuation concerns. Reddit: Ignore The Potential Google Scuffle And Carry On
- Positive Sentiment: Investors are looking for a Q2 beat, with guidance pointing to roughly 43% to 45% year-over-year revenue growth and a strong EBITDA margin, which could reinforce the growth story if delivered. Reddit: Why I’m Staying Bullish Into The Q2 Print
- Neutral Sentiment: Analyst commentary this week has focused on Reddit alongside other communication-services names, but no major new company-specific catalyst was disclosed in the headline item. Analysts Offer Insights on Communication Services Companies
- Neutral Sentiment: Reddit’s upcoming earnings report is expected to show growth, but some screening models suggest the setup is not ideal for a clean earnings beat, keeping expectations mixed. Reddit Inc. (RDDT) Reports Next Week: Wall Street Expects Earnings Growth
- Negative Sentiment: The main overhang is renewed uncertainty around Reddit’s reported $60 million-per-year Google AI licensing deal, with some reports suggesting Reddit may rethink the agreement if renewal talks stall or content restrictions emerge. Reddit (RDDT) May Rethink $60 Million Google AI Deal As Renewal Talks Drag
- Negative Sentiment: Recent reports of a possible Google content restriction or AI feud triggered a sharp drop in the stock and pushed Reddit below key moving averages, signaling weaker momentum in the near term. Reddit stock plunges on report of possible Google content restrictions
Analysts Set New Price Targets
RDDT has been the topic of a number of research reports. Citigroup reissued a “market outperform” rating on shares of Reddit in a research note on Tuesday, May 26th. DA Davidson reaffirmed a “buy” rating and set a $200.00 target price on shares of Reddit in a report on Thursday. Wall Street Zen cut shares of Reddit from a “buy” rating to a “hold” rating in a research report on Sunday, May 10th. Zacks Research lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Finally, Bank of America lowered their price objective on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a research note on Thursday, April 2nd. Nineteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $232.48.
View Our Latest Stock Analysis on RDDT
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.
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