Reddit Inc. $RDDT Shares Acquired by Calamos Advisors LLC

Calamos Advisors LLC lifted its stake in shares of Reddit Inc. (NYSE:RDDT) by 118.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,875 shares of the company’s stock after purchasing an additional 11,875 shares during the period. Calamos Advisors LLC’s holdings in Reddit were worth $2,945,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of RDDT. LOM Asset Management Ltd acquired a new stake in Reddit in the 4th quarter worth about $33,000. Noble Wealth Management PBC purchased a new stake in Reddit during the 4th quarter worth approximately $34,000. Summit Securities Group LLC acquired a new position in shares of Reddit during the fourth quarter valued at approximately $46,000. Sound Income Strategies LLC acquired a new position in shares of Reddit during the fourth quarter valued at approximately $47,000. Finally, ORG Partners LLC lifted its position in shares of Reddit by 105.9% in the fourth quarter. ORG Partners LLC now owns 208 shares of the company’s stock valued at $48,000 after acquiring an additional 107 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Rothschild & Co Redburn set a $110.00 price target on Reddit in a research note on Monday, April 27th. Zacks Research downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Reddit in a report on Friday, May 8th. Raymond James Financial set a $180.00 target price on shares of Reddit and gave the stock a “market perform” rating in a research note on Friday, May 1st. Finally, Bank of America lowered their target price 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. Eighteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and an average price target of $231.14.

Reddit Stock Performance

Shares of Reddit stock opened at $198.02 on Thursday. The business’s 50 day moving average price is $171.83 and its 200 day moving average price is $169.95. The company has a market cap of $38.12 billion, a price-to-earnings ratio of 56.58 and a beta of 1.93. Reddit Inc. has a one year low of $119.27 and a one year high of $282.95.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating 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 period in the prior year, the business earned $0.13 EPS. The firm’s quarterly revenue was up 69.1% on a year-over-year basis. On average, analysts predict that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Insider Activity

In related news, CAO Michelle Marie Reynolds sold 808 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total value of $161,600.00. Following the completion of the sale, the chief accounting officer owned 15,060 shares of the company’s stock, valued at approximately $3,012,000. This represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the sale, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $66,636,083.64. The trade was a 4.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 169,141 shares of company stock valued at $28,680,845. 28.48% of the stock is currently owned by insiders.

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.