Cadent Capital Advisors LLC acquired a new position in Reddit Inc., according to a recent filing. The firm invested approximately $1.18 million to purchase 5,149 shares.
This investment surfaces amid broadly positive analyst sentiment for the social media company. Needham recently named RDDT a 'Conviction Buy,' setting a $300 price target.
Needham cited upside potential from Reddit’s advertising business and its AI content licensing agreements. The company’s strong third-quarter performance also supports this positive outlook, having beaten both earnings and revenue estimates.
However, the report noted mixed investor sentiment following recent insider share sales.