Carnegie Investment Counsel Has $36.45 Million Stake in Reddit Inc. $RDDT

Carnegie Investment Counsel raised its holdings in Reddit Inc. (NYSE:RDDT) by 9.5% in the third quarter, HoldingsChannel.com reports. The firm owned 158,497 shares of the company’s stock after purchasing an additional 13,811 shares during the quarter. Carnegie Investment Counsel’s holdings in Reddit were worth $36,453,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Resona Asset Management Co. Ltd. raised its position in shares of Reddit by 0.3% in the second quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company’s stock valued at $3,023,000 after buying an additional 65 shares in the last quarter. AdvisorNet Financial Inc increased its stake in Reddit by 2.8% during the 3rd quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock worth $567,000 after acquiring an additional 66 shares during the period. Congress Park Capital LLC raised its holdings in Reddit by 2.0% in the 2nd quarter. Congress Park Capital LLC now owns 3,885 shares of the company’s stock valued at $585,000 after acquiring an additional 76 shares in the last quarter. Bienville Capital Management LLC lifted its position in shares of Reddit by 0.5% during the 2nd quarter. Bienville Capital Management LLC now owns 16,153 shares of the company’s stock valued at $2,432,000 after acquiring an additional 76 shares during the period. Finally, Platinum Investment Management Ltd. grew its holdings in shares of Reddit by 4.3% during the 2nd quarter. Platinum Investment Management Ltd. now owns 2,322 shares of the company’s stock worth $350,000 after purchasing an additional 95 shares in the last quarter.

Reddit Trading Up 0.1%

Shares of Reddit stock opened at $226.03 on Friday. The firm’s 50 day moving average is $211.36 and its 200 day moving average is $198.97. The firm has a market capitalization of $42.83 billion, a PE ratio of 129.90, a price-to-earnings-growth ratio of 2.49 and a beta of 2.17. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarterly revenue was up 67.9% on a year-over-year basis. During the same quarter last year, the business posted $0.16 earnings per share. As a group, research analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Activity at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 11,249 shares of the stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $232.95, for a total value of $2,620,454.55. Following the completion of the transaction, the chief accounting officer directly owned 10,558 shares in the company, valued at approximately $2,459,486.10. This trade represents a 51.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benjamin Seong Lee sold 18,750 shares of Reddit stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $240.00, for a total value of $4,500,000.00. Following the sale, the insider directly owned 62,608 shares in the company, valued at $15,025,920. The trade was a 23.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 465,333 shares of company stock worth $97,164,104 over the last 90 days. 34.25% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on RDDT shares. Truist Financial set a $270.00 price target on Reddit in a research report on Friday, October 31st. Zacks Research raised shares of Reddit from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 29th. Wall Street Zen upgraded shares of Reddit from a “hold” rating to a “buy” rating in a research report on Sunday, December 14th. Bank of America increased their price target on shares of Reddit from $180.00 to $210.00 and gave the stock a “neutral” rating in a research report on Friday, October 31st. Finally, Cannonball Research restated a “buy” rating on shares of Reddit in a research report on Tuesday, September 23rd. Three 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 given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $230.28.

About Reddit

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.