Sierra Summit Advisors LLC Invests $13.08 Million in Reddit Inc. $RDDT
Sierra Summit Advisors LLC purchased a new stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 86,871 shares of the company's stock, valued at approximately $13,080,000. Reddit comprises 2.3% of Sierra Summit Advisors LLC's portfolio, making the stock its 10th biggest position. Several other hedge funds and other institutional investors have also bought and sold shares of RDDT. CWM LLC increased its position in shares of Reddit by 100.0% during the 1st quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after purchasing an additional 128 shares during the last quarter. Stone House Investment Management LLC bought a new position in Reddit during the first quarter valued at about $31,000. Financial Perspectives Inc purchased a new stake in Reddit during the second quarter worth about $34,000. Geneos Wealth Management Inc. increased its holdings in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock worth $39,000 after buying an additional 286 shares during the last quarter. Finally, Western Pacific Wealth Management LP bought a new stake in Reddit in the second quarter worth about $60,000. Insider Activity at RedditIn related news, CTO Christopher Brian Slowe sold 14,000 shares of the stock in a transaction on Monday, September 8th. The stock was sold at an average price of $236.51, for a total value of $3,311,140.00. Following the transaction, the chief technology officer owned 210,534 shares of the company's stock, valued at $49,793,396.34. This represents a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 30,806 shares of the firm's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $218.55, for a total value of $6,732,651.30. Following the transaction, the chief operating officer directly owned 1,326,709 shares in the company, valued at approximately $289,952,251.95. This represents a 2.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 317,140 shares of company stock valued at $69,998,775 over the last ninety days. 34.25% of the stock is currently owned by insiders. Reddit Stock PerformanceNYSE:RDDT opened at $183.39 on Friday. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95. The firm has a market capitalization of $34.75 billion, a price-to-earnings ratio of 105.40, a P/E/G ratio of 2.02 and a beta of 2.14. The stock has a fifty day moving average of $211.95 and a 200 day moving average of $179.53. Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.30. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The company had revenue of $584.91 million for the quarter, compared to analysts' expectations of $546.65 million. During the same period in the prior year, the business earned $0.16 earnings per share. Reddit's revenue for the quarter was up 67.9% compared to the same quarter last year. Reddit has set its Q4 2025 guidance at EPS. Equities analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year. Analyst Upgrades and DowngradesA number of research firms have recently weighed in on RDDT. Argus started coverage on shares of Reddit in a research report on Monday, August 18th. They set a "buy" rating and a $250.00 target price for the company. Roth Capital set a $210.00 price objective on Reddit in a report on Friday, October 31st. The Goldman Sachs Group reissued a "neutral" rating and issued a $236.00 target price on shares of Reddit in a research report on Tuesday, October 14th. Wolfe Research raised Reddit to an "outperform" rating in a research report on Sunday, August 3rd. Finally, Guggenheim increased their price target on Reddit from $165.00 to $215.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $226.33.View Our Latest Analysis on RedditReddit Profile (Free Report)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.See AlsoThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Before you consider Reddit, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Reddit wasn't on the list.While Reddit currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.Looking to profit from the electric vehicle mega-trend? Enter your email address and we'll send you our list of which EV stocks show the most long-term potential.Get This Free Report
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