Oak Thistle LLC Makes New Investment in Reddit Inc. $RDDT

Oak Thistle LLC bought a new position in Reddit Inc. (NYSE:RDDT) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 8,801 shares of the company’s stock, valued at approximately $2,024,000.

A number of other large investors have also made changes to their positions in RDDT. GAMMA Investing LLC boosted its stake in Reddit by 8,650.0% in the 3rd quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after purchasing an additional 173 shares during the period. Financial Perspectives Inc acquired a new stake in shares of Reddit in the second quarter worth $34,000. Advisors Asset Management Inc. grew its holdings in shares of Reddit by 68.2% during the second quarter. Advisors Asset Management Inc. now owns 365 shares of the company’s stock valued at $55,000 after buying an additional 148 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after buying an additional 286 shares in the last quarter. Finally, Western Pacific Wealth Management LP acquired a new position in Reddit during the second quarter valued at $60,000.

Reddit Stock Performance

Shares of NYSE RDDT opened at $223.78 on Wednesday. The business has a 50 day simple moving average of $206.94 and a 200 day simple moving average of $193.76. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95. The stock has a market cap of $42.41 billion, a price-to-earnings ratio of 128.61, a PEG ratio of 2.41 and a beta of 2.17.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.30. The firm had revenue of $584.91 million for the quarter, compared to analyst estimates of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The company’s revenue for the quarter was up 67.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.16 earnings per share. On average, analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on RDDT. Wells Fargo & Company raised their price objective on Reddit from $155.00 to $174.00 and gave the stock a “cautious” rating in a research report on Tuesday, October 7th. Citigroup upped their target price on Reddit from $250.00 to $265.00 and gave the company a “buy” rating in a report on Monday, November 3rd. Bank of America raised their price target on shares of Reddit from $180.00 to $210.00 and gave the stock a “neutral” rating in a report on Friday, October 31st. B. Riley reaffirmed a “buy” rating and set a $245.00 price objective (up from $235.00) on shares of Reddit in a research report on Friday, October 31st. Finally, China Renaissance began coverage on shares of Reddit in a research note on Tuesday, December 9th. They issued a “buy” rating and a $300.00 price objective on the stock. Three research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus price target of $230.28.

Insiders Place Their Bets

In related news, CTO Christopher Brian Slowe sold 14,000 shares of Reddit 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 sale, the chief technology officer owned 173,694 shares of the company’s stock, valued at approximately $40,642,659.06. The trade was a 7.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Michelle Marie Reynolds sold 11,249 shares of the company’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $232.95, for a total transaction of $2,620,454.55. Following the completion of the sale, the chief accounting officer owned 10,558 shares of the company’s stock, valued at $2,459,486.10. This represents a 51.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 387,619 shares of company stock worth $81,040,938 in the last 90 days. 34.25% of the stock is owned by corporate insiders.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.