Patten Group Inc. Invests $345,000 in Reddit Inc. $RDDT

Patten Group Inc. acquired a new stake in Reddit Inc. (NYSE:RDDT) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 2,289 shares of the company’s stock, valued at approximately $345,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RDDT. Congress Park Capital LLC grew its stake in shares of Reddit by 2.0% in the 2nd quarter. Congress Park Capital LLC now owns 3,885 shares of the company’s stock worth $585,000 after purchasing an additional 76 shares during the last quarter. Platinum Investment Management Ltd. grew its position in Reddit by 4.3% during the second quarter. Platinum Investment Management Ltd. now owns 2,322 shares of the company’s stock valued at $350,000 after purchasing an additional 95 shares in the last quarter. Signaturefd LLC grew its position in Reddit by 3.5% during the first quarter. Signaturefd LLC now owns 2,859 shares of the company’s stock valued at $300,000 after purchasing an additional 97 shares in the last quarter. CWM LLC grew its position in Reddit by 100.0% during the first quarter. CWM LLC now owns 256 shares of the company’s stock valued at $27,000 after purchasing an additional 128 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Reddit by 12.5% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,323 shares of the company’s stock valued at $139,000 after acquiring an additional 147 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RDDT. JMP Securities restated a “market outperform” rating and issued a $300.00 price objective on shares of Reddit in a research note on Friday, October 3rd. Sanford C. Bernstein upped their target price on shares of Reddit from $130.00 to $150.00 and gave the stock a “market perform” rating in a report on Tuesday, July 22nd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Reddit in a research report on Wednesday, October 8th. Bank of America raised their target price on shares of Reddit from $130.00 to $150.00 and gave the company a “neutral” rating in a research note on Wednesday, July 30th. Finally, Oppenheimer increased their price target on shares of Reddit from $215.00 to $300.00 and gave the company an “outperform” rating in a research report on Tuesday, September 16th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $214.17.

Reddit Stock Down 4.3%

RDDT stock opened at $196.78 on Thursday. Reddit Inc. has a 52 week low of $76.65 and a 52 week high of $282.95. The business has a 50-day simple moving average of $226.90 and a 200 day simple moving average of $164.46. The company has a market cap of $36.83 billion, a PE ratio of 178.89, a price-to-earnings-growth ratio of 3.14 and a beta of 2.23.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.25. Reddit had a return on equity of 9.93% and a net margin of 12.97%.The company had revenue of $499.63 million for the quarter, compared to analysts’ expectations of $424.07 million. During the same period in the previous year, the business posted ($0.06) earnings per share. The business’s quarterly revenue was up 77.9% compared to the same quarter last year. Reddit has set its Q3 2025 guidance at EPS. On average, analysts anticipate that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Christopher Brian Slowe sold 28,000 shares of the stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $218.94, for a total value of $6,130,320.00. Following the completion of the sale, the chief technology officer directly owned 222,534 shares of the company’s stock, valued at approximately $48,721,593.96. This represents a 11.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 40,967 shares of the firm’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $220.38, for a total value of $9,028,307.46. Following the sale, the chief operating officer directly owned 120,033 shares of the company’s stock, valued at approximately $26,452,872.54. This represents a 25.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 366,500 shares of company stock valued at $83,829,951 over the last 90 days. 34.25% of the stock is currently owned by corporate insiders.

About Reddit

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.