Investment management firm DSM Capital Partners LLC disclosed a new significant position in Reddit Inc. (RDDT), according to a recent SEC Form 13F filing. During the third quarter, the firm purchased 793,905 shares of RDDT stock. This stake is valued at approximately $182.59 million.
This substantial investment makes Reddit the 10th largest holding in DSM Capital Partners' portfolio. The position accounts for 2.6% of the firm's total assets. This move signals a notable vote of confidence from the major institutional player.
Other institutional investors adjusted their positions during the same period. Gladstone Institutional Advisory LLC reduced its stake in Reddit by 39.6% in the third quarter. This reduction involved selling 7,205 shares.
No specific market reaction to these individual filings was immediately available.