Carnegie Investment Counsel Acquires 17,287 Shares of Reddit Inc. $RDDT

Carnegie Investment Counsel boosted its position in shares of Reddit Inc. (NYSE:RDDT) by 10.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 182,197 shares of the company’s stock after buying an additional 17,287 shares during the quarter. Carnegie Investment Counsel’s holdings in Reddit were worth $24,533,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. NewEdge Advisors LLC boosted its position in shares of Reddit by 143.3% during the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after purchasing an additional 4,701 shares in the last quarter. Empowered Funds LLC acquired a new position in Reddit in the first quarter valued at about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Reddit by 106.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock worth $22,759,000 after acquiring an additional 111,780 shares in the last quarter. Focus Partners Wealth raised its position in shares of Reddit by 40.8% during the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after purchasing an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after purchasing an additional 286 shares in the last quarter.

Reddit Stock Down 2.6%

Shares of NYSE:RDDT traded down $5.22 during midday trading on Friday, hitting $195.09. The stock had a trading volume of 3,746,228 shares, compared to its average volume of 3,928,101. The company has a market cap of $37.56 billion, a P/E ratio of 55.74 and a beta of 1.93. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95. The business’s 50-day simple moving average is $169.48 and its 200-day simple moving average is $170.92.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm had revenue of $663.41 million during the quarter, compared to analysts’ expectations of $607.74 million. During the same quarter last year, the company posted $0.13 earnings per share. The company’s revenue for the quarter was up 69.1% compared to the same quarter last year. As a group, equities analysts predict that Reddit Inc. will post 4.83 earnings per share for the current year.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $173.13, for a total value of $3,116,340.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares in the company, valued at approximately $64,718,417.82. This trade represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,166 shares of Reddit stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $176.94, for a total value of $6,930,032.04. Following the transaction, the chief operating officer owned 1,050,339 shares of the company’s stock, valued at $185,846,982.66. The trade was a 3.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 226,308 shares of company stock valued at $37,856,340. 28.48% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on RDDT shares. Needham & Company LLC reissued a “buy” rating and set a $300.00 target price on shares of Reddit in a research note on Wednesday, June 24th. Jefferies Financial Group set a $250.00 price target on shares of Reddit in a report on Friday. Wells Fargo & Company increased their price objective on shares of Reddit from $176.00 to $187.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Zacks Research lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Finally, Oppenheimer restated an “outperform” rating and set a $225.00 price objective on shares of Reddit in a report on Friday, May 1st. Eighteen investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $231.14.

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.