Rakuten Investment Management Inc. acquired a new stake in Reddit Inc. (RDDT). The firm disclosed the position via a recent 13F filing with the SEC.
Rakuten purchased 41,623 shares of Reddit stock. The transaction is valued at approximately $9.57 million.
This acquisition indicates new institutional interest in the social media company. The disclosure is noteworthy for Reddit, providing insight into institutional sentiment. Several other large investors recently modified their positions in the company.