Empirical Capital Management LLC raised its Reddit Inc. holdings by 1,642.2% in the second quarter, adding 147,800 shares and lifting its position to 156,800 shares. The stake was worth $27,217,000 in the firm’s most recent SEC filing, with Reddit accounting for 7.4% of the portfolio and ranking as the fund’s 6th largest position.
That kind of move lands in a market already watching Reddit closely. The stock opened Thursday at $153.46, below the consensus target price of $220.90 but still well above the 1-year low of $119.27, while the 1-year high stands at $282.95. Reddit also reported quarterly earnings on Thursday, July 30th, posting $1.25 EPS, beating the $0.95 estimate by $0.30, on revenue of $804.91 million, up 61.0% from a year earlier.
Empirical Capital was not alone in adding exposure. Capital World Investors built a new position worth about $1,293,258,000, Norges Bank opened a stake valued at about $372,047,000, Invesco Ltd. increased its position by 419.0% to 1,487,941 shares worth $342,212,000, State Street Corp lifted its stake by 138.5% to 2,030,139 shares worth $305,678,000, and Vanguard Group Inc. raised its holdings by 8.9% to 13,322,048 shares worth $3,062,339,000.
Analysts, though, did not line up behind one view. Telsey Advisory Group set a $240.00 target price, UBS Group reissued a buy rating, Guggenheim reaffirmed a buy rating, and Sanford C. Bernstein reiterated a market perform rating with a $180.00 objective. Cantor Fitzgerald went the other way, cutting its target from $200.00 to $170.00 and assigning a neutral rating, a reminder that even with heavy institutional buying, the stock still sits in the middle of a valuation debate.
For now, the clearest signal is not a single forecast but the size of the accumulation. Empirical Capital’s 1,642.2% increase shows a manager adding aggressively after the earnings report, while the gap between the $153.46 opening price and the $220.90 consensus target leaves room for either another leg higher or more skeptical calls to keep the debate alive. A related Rddt Stock watch: Granite Ridge Resources seen posting lower profit on August 6 is available at
