Capital Impact Advisors LLC Grows Stock Position in Reddit Inc. $RDDT

Capital Impact Advisors LLC grew its holdings in shares of Reddit Inc. (NYSE:RDDT) by 62.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 119,125 shares of the company’s stock after purchasing an additional 45,960 shares during the quarter. Reddit makes up approximately 2.1% of Capital Impact Advisors LLC’s holdings, making the stock its 27th biggest position. Capital Impact Advisors LLC owned about 0.06% of Reddit worth $27,383,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. NewEdge Advisors LLC lifted its holdings in Reddit by 143.3% during the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after purchasing an additional 4,701 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Reddit in the first quarter worth approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Reddit by 106.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock worth $22,759,000 after purchasing an additional 111,780 shares during the period. Focus Partners Wealth boosted its position in shares of Reddit by 40.8% in the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after purchasing an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. boosted its position in shares of Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares during the period.

Reddit Price Performance

RDDT stock opened at $165.98 on Thursday. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95. The company has a market capitalization of $31.95 billion, a price-to-earnings ratio of 47.42 and a beta of 1.91. The business has a 50 day simple moving average of $159.63 and a two-hundred day simple moving average of $175.98.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share 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 business had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. During the same period in the prior year, the company posted $0.13 EPS. The firm’s revenue for the quarter was up 69.1% compared to the same quarter last year. Sell-side analysts anticipate that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on RDDT shares. Oppenheimer reiterated an “outperform” rating and issued a $225.00 price target on shares of Reddit in a research report on Friday, May 1st. Wall Street Zen lowered shares of Reddit from a “buy” rating to a “hold” rating in a research report on Sunday, May 10th. Bank of America dropped their price target on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a research report on Thursday, April 2nd. Raymond James Financial set a $180.00 price target on shares of Reddit and gave the stock a “market perform” rating in a research report on Friday, May 1st. Finally, Zacks Research lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Eighteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $230.75.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $178.26, for a total value of $3,208,680.00. Following the completion of the transaction, the chief executive officer directly owned 373,814 shares in the company, valued at $66,636,083.64. This represents a 4.59% decrease in their position. The transaction was disclosed in a document filed 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 company’s stock in a transaction that occurred on Thursday, April 16th. The stock was 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. The trade was 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 211,334 shares of company stock worth $33,715,773 in the last three months. 28.48% of the stock is 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.