Campbell Capital Management Inc. Purchases 14,945 Shares of Reddit Inc. $RDDT

Campbell Capital Management Inc. boosted its stake in shares of Reddit Inc. (NYSE:RDDT) by 134.5% in the second quarter, HoldingsChannel reports. The institutional investor owned 26,055 shares of the company’s stock after purchasing an additional 14,945 shares during the period. Reddit comprises approximately 1.5% of Campbell Capital Management Inc.’s holdings, making the stock its 19th largest position. Campbell Capital Management Inc.’s holdings in Reddit were worth $3,923,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Financial Perspectives Inc acquired a new stake in Reddit in the 2nd quarter valued at $34,000. Geneos Wealth Management Inc. raised 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 worth $39,000 after acquiring an additional 286 shares during the period. Advisors Asset Management Inc. boosted its holdings 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 purchasing an additional 148 shares during the last quarter. Western Pacific Wealth Management LP purchased a new position in Reddit in the second quarter worth approximately $60,000. Finally, WPG Advisers LLC purchased a new stake in Reddit in the 1st quarter valued at about $74,000.

Reddit Stock Performance

Shares of RDDT opened at $224.38 on Friday. The stock has a fifty day moving average of $206.31 and a two-hundred day moving average of $191.61. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95. The company has a market capitalization of $42.52 billion, a PE ratio of 128.95, a price-to-earnings-growth ratio of 2.48 and a beta of 2.17.

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

Insider Activity at Reddit

In other Reddit news, COO Jennifer L. Wong sold 63,427 shares of Reddit stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $192.72, for a total transaction of $12,223,651.44. Following the transaction, the chief operating officer directly owned 1,184,528 shares of the company’s stock, valued at $228,282,236.16. The trade was a 5.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction on Monday, September 15th. The shares were sold at an average price of $261.22, for a total transaction of $4,701,960.00. Following the transaction, the chief executive officer owned 494,104 shares in the company, valued at $129,069,846.88. The trade was a 3.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 405,619 shares of company stock worth $85,742,898. Company insiders own 34.25% of the company’s stock.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of research reports. Wall Street Zen raised Reddit from a “hold” rating to a “buy” rating in a research note on Sunday. Argus initiated coverage on Reddit in a research report on Monday, August 18th. They set a “buy” rating and a $250.00 price objective for the company. Piper Sandler reissued an “overweight” rating on shares of Reddit in a research report on Monday, December 1st. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Reddit in a report on Wednesday, October 1st. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $236.00 price objective on shares of Reddit in a research report on Tuesday, October 14th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and an average price target of $230.28.

Reddit Company Profile

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.