Carnegie Investment Counsel Purchases 13,811 Shares of Reddit Inc. $RDDT

Carnegie Investment Counsel increased its position in shares of Reddit Inc. (NYSE:RDDT) by 9.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 158,497 shares of the company’s stock after buying an additional 13,811 shares during the quarter. Carnegie Investment Counsel owned 0.08% of Reddit worth $36,453,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Financial Perspectives Inc acquired a new position in Reddit during the 2nd quarter worth approximately $34,000. Geneos Wealth Management Inc. boosted its holdings in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares during the last quarter. GAMMA Investing LLC grew its position in Reddit by 8,650.0% in the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after purchasing an additional 173 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Reddit by 68.2% in the 2nd quarter. Advisors Asset Management Inc. now owns 365 shares of the company’s stock valued at $55,000 after buying an additional 148 shares during the last quarter. Finally, Western Pacific Wealth Management LP bought a new stake in Reddit during the 2nd quarter worth about $60,000.

Reddit Price Performance

RDDT stock opened at $226.03 on Friday. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95. The stock has a market cap of $42.83 billion, a price-to-earnings ratio of 129.90, a price-to-earnings-growth ratio of 2.49 and a beta of 2.17. The company has a fifty day moving average price of $211.36 and a two-hundred day moving average price of $198.97.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.30. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The company had revenue of $584.91 million during the quarter, compared to analysts’ expectations of $546.65 million. During the same quarter last year, the company posted $0.16 EPS. Reddit’s quarterly revenue was up 67.9% compared to the same quarter last year. Research analysts anticipate that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $220.28, for a total value of $3,965,040.00. Following the completion of the sale, the chief executive officer directly owned 448,576 shares in the company, valued at $98,812,321.28. The trade was a 3.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Christopher Brian Slowe sold 14,000 shares of the company’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $233.99, for a total value of $3,275,860.00. Following the completion of the transaction, the chief technology officer directly owned 173,694 shares in the company, valued at approximately $40,642,659.06. This represents a 7.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 465,333 shares of company stock valued at $97,164,104. Company insiders own 34.25% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Roth Capital set a $210.00 price objective on Reddit in a report on Friday, October 31st. Bank of America raised their price target on Reddit from $180.00 to $210.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Zacks Research upgraded Reddit from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 29th. Wells Fargo & Company increased their price objective on Reddit from $155.00 to $174.00 and gave the company a “cautious” rating in a report on Tuesday, October 7th. Finally, Oppenheimer boosted their target price on shares of Reddit from $215.00 to $300.00 and gave the stock an “outperform” rating in a report on Tuesday, September 16th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $230.28.

Reddit Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.