Truist Financial Corp Lowers Position in Reddit Inc. $RDDT

Truist Financial Corp lessened its stake in Reddit Inc. (NYSE:RDDT) by 12.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,148 shares of the company’s stock after selling 845 shares during the quarter. Truist Financial Corp’s holdings in Reddit were worth $926,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Alliancebernstein L.P. raised its stake in Reddit by 103.0% during the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock valued at $593,733,000 after purchasing an additional 2,871,232 shares in the last quarter. Vanguard Group Inc. raised its stake in Reddit by 11.1% during the first quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company’s stock valued at $1,069,828,000 after purchasing an additional 1,017,162 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Reddit by 98.2% during the first quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company’s stock valued at $200,096,000 after purchasing an additional 944,847 shares in the last quarter. Scge Management L.P. raised its stake in Reddit by 121.1% during the first quarter. Scge Management L.P. now owns 1,612,000 shares of the company’s stock valued at $169,099,000 after purchasing an additional 883,000 shares in the last quarter. Finally, Baillie Gifford & Co. purchased a new stake in Reddit during the first quarter valued at $78,675,000.

Reddit Stock Performance

RDDT stock opened at $203.43 on Tuesday. The firm has a market cap of $38.07 billion, a price-to-earnings ratio of 184.94, a PEG ratio of 3.03 and a beta of 2.23. The firm has a 50-day simple moving average of $229.33 and a two-hundred day simple moving average of $160.54. Reddit Inc. has a one year low of $72.82 and a one year high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.20 by $0.25. The firm had revenue of $499.63 million during the quarter, compared to analyst estimates of $424.07 million. Reddit had a net margin of 12.97% and a return on equity of 9.93%. Reddit’s revenue was up 77.9% on a year-over-year basis. During the same period last year, the firm posted ($0.06) EPS. Reddit has set its Q3 2025 guidance at EPS. As a group, equities analysts predict that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on RDDT. Needham & Company LLC boosted their price objective on shares of Reddit from $215.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, September 15th. Cannonball Research reiterated a “buy” rating on shares of Reddit in a research report on Tuesday, September 23rd. The Goldman Sachs Group reiterated a “neutral” rating and set a $212.00 price objective on shares of Reddit in a research report on Friday, August 1st. Roth Capital boosted their price objective on shares of Reddit from $130.00 to $145.00 and gave the company a “neutral” rating in a research report on Monday, July 21st. Finally, Robert W. Baird boosted their price objective on shares of Reddit from $177.00 to $240.00 and gave the company a “neutral” rating in a research report on Thursday, September 25th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $203.92.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction on Friday, August 29th. The shares were sold at an average price of $223.41, for a total value of $4,021,380.00. Following the completion of the sale, the chief executive officer owned 494,104 shares of the company’s stock, valued at approximately $110,387,774.64. The trade was a 3.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Andrew Vollero sold 30,000 shares of the company’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $218.09, for a total transaction of $6,542,700.00. Following the sale, the chief financial officer directly owned 284,168 shares of the company’s stock, valued at $61,974,199.12. The trade was a 9.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold 397,834 shares of company stock valued at $87,285,119 in the last quarter. Company insiders own 34.25% of the company’s stock.

Reddit Company Profile

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.