Reddit Inc. $RDDT Shares Acquired by Samalin Investment Counsel LLC

Samalin Investment Counsel LLC boosted its position in Reddit Inc. (NYSE:RDDT) by 95.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,033 shares of the company’s stock after buying an additional 2,461 shares during the quarter. Samalin Investment Counsel LLC’s holdings in Reddit were worth $1,158,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Financial Perspectives Inc bought a new stake in shares of Reddit in the 2nd quarter valued at approximately $34,000. Geneos Wealth Management Inc. raised 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 worth $39,000 after purchasing an additional 286 shares during the period. GAMMA Investing LLC lifted its position in shares of 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 buying an additional 173 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of 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 period. Finally, E Fund Management Hong Kong Co. Ltd. acquired a new position in shares of Reddit in the 2nd quarter valued at about $76,000.

Insider Activity at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 3,320 shares of the firm’s stock in a transaction dated Friday, January 9th. The shares were sold at an average price of $260.22, for a total transaction of $863,930.40. Following the transaction, the insider owned 62,608 shares of the company’s stock, valued at approximately $16,291,853.76. This trade represents a 5.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $232.78, for a total transaction of $4,190,040.00. Following the sale, the chief executive officer owned 448,576 shares in the company, valued at $104,419,521.28. This trade represents a 3.86% 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 509,470 shares of company stock worth $110,449,501. 34.25% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Royal Bank Of Canada reissued a “sector perform” rating on shares of Reddit in a report on Wednesday, October 1st. Evercore ISI started coverage on Reddit in a research report on Monday, January 12th. They set an “outperform” rating and a $320.00 price target on the stock. Sanford C. Bernstein raised their price target on Reddit from $190.00 to $210.00 and gave the stock a “market perform” rating in a report on Friday, October 31st. Jefferies Financial Group boosted their price objective on Reddit from $300.00 to $325.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Finally, Morgan Stanley upped their price objective on Reddit from $250.00 to $265.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 13th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $240.17.

Reddit Price Performance

Shares of RDDT stock opened at $225.48 on Wednesday. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95. The firm has a market capitalization of $42.73 billion, a price-to-earnings ratio of 129.59, a price-to-earnings-growth ratio of 1.55 and a beta of 2.17. The business has a 50 day simple moving average of $224.30 and a 200 day simple moving average of $212.08.

Reddit (NYSE:RDDT) last announced its quarterly 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 return on equity of 14.94% and a net margin of 18.33%.The company had revenue of $584.91 million during the quarter, compared to analyst estimates of $546.65 million. During the same quarter in the previous year, the firm posted $0.16 EPS. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. On average, equities analysts anticipate that Reddit Inc. will post 1.12 EPS for the current fiscal year.

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.