State of Michigan Retirement System 13F: New $5.2M Stake in RDDT

On October 27, 2026, the State of Michigan Retirement System took a new position of 36,700 shares in Reddit, Inc. (RDDT), valued at about $5.23 million. This information comes from the fund's latest Form 13F filing with the SEC.

RDDT Reddit, Inc.

$136.46 ▼ -43.59% year to date

1M 3M YTD

Daily close · Oct 27, 2026

What Changed in State of Michigan Retirement System's Reddit Position

The State of Michigan Retirement System opened a new position in Reddit, increasing its holdings to 36,700 shares. This marks a significant entry into the stock, reflecting a commitment to the company's potential growth.

Where Reddit Fits in State of Michigan Retirement System's Portfolio

This new stake accounts for approximately 0.05% of the State of Michigan Retirement System's total reported value of around $11.02 billion. The position ranks 44th among the fund's 966 reported holdings.

Other Institutional Activity in Reddit

Several other funds have also been active with their positions in Reddit. Portman Square Capital added 164,901 shares, bringing its total to 478,773 shares valued at about $68.2 million. D1 Capital Partners L.P. increased its stake by 340,554 shares, totaling 2,459,151 shares worth approximately $428.9 million. Meanwhile, Coatue Management reduced its holdings by 2,760,350 shares, leaving it with 2,789,891 shares valued at about $486.5 million.

Reddit, Inc. Stock Down 5.4%

Reddit's stock is currently trading around $136.5, which is about equal to its closing price of $136.46 on October 27, 2026. The shares are trading below their 50-day moving average of $153.01 and their 200-day moving average of $161.91, indicating a potential downward trend. The stock is also significantly below its 52-week high of $263.50, by about 48.2%.

Recent Earnings

Reddit reported trailing twelve-month revenue of approximately $2.78 billion, with a year-over-year revenue growth of 61.1%. The company's net margin stands at 31.3%, indicating strong profitability. Reddit's next earnings report is expected on October 29, 2026, which could provide further insights into its financial performance.

Insider Buying and Selling at Reddit, Inc.

Recent insider transactions include CEO Steve Ladd Huffman, who bought 18,000 shares at an average price of $25.29 on June 15, 2026, totaling approximately $455,220. Meanwhile, COO Jennifer L. Wong sold 60,000 shares on October 14, 2026, for about $9.03 million, indicating varied insider sentiment regarding the stock.

Analysts Set New Price Targets

Analysts have maintained a generally positive outlook for Reddit. On October 9, 2026, Needham reiterated its Buy rating on Reddit with a price target of $300. Other firms, like JP Morgan and Oppenheimer, have maintained Neutral and Outperform ratings, respectively, with price targets ranging from $185 to $210.

About Reddit, Inc.

Reddit, Inc. operates a digital community platform that allows users to engage in discussions, share content, and create communities based on specific interests. The company's growth has been supported by its strong revenue performance and user engagement.

Bottom Line

Moving forward, investors will be looking closely at Reddit's upcoming earnings report on October 29, 2026, for insights into its financial health. The recent position taken by the State of Michigan Retirement System highlights ongoing interest in the stock, particularly as it trades below its historical highs.