Carnegie Investment Counsel Has $26.35 Million Stake in Reddit, Inc. (NYSE:RDDT)

Carnegie Investment Counsel reduced its position in shares of Reddit, Inc. (NYSE:RDDT) by 5.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 161,205 shares of the company’s stock after selling 8,920 shares during the period. Carnegie Investment Counsel owned about 0.09% of Reddit worth $26,347,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Ridgewood Investments LLC boosted its holdings in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the last quarter. Whittier Trust Co. bought a new stake in Reddit during the 3rd quarter worth about $42,000. AdvisorNet Financial Inc lifted its position in Reddit by 41.9% during the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock worth $111,000 after buying an additional 201 shares in the last quarter. Daiwa Securities Group Inc. acquired a new position in shares of Reddit during the 3rd quarter worth about $85,000. Finally, SOA Wealth Advisors LLC. grew its holdings in shares of Reddit by 56.3% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after acquiring an additional 691 shares in the last quarter.

Reddit Price Performance

NYSE:RDDT opened at $174.81 on Friday. The stock has a 50 day simple moving average of $156.38 and a 200 day simple moving average of $99.15. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $187.69.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.23. The firm had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business’s revenue was up 67.9% compared to the same quarter last year. On average, research analysts forecast that Reddit, Inc. will post -3.46 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Mary Porter Gale sold 5,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $114.40, for a total transaction of $572,000.00. Following the sale, the director now owns 46,459 shares of the company’s stock, valued at $5,314,909.60. This represents a 9.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Friday, November 15th. The shares were sold at an average price of $125.98, for a total value of $1,763,720.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at $82,110,614.50. This represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 217,023 shares of company stock worth $31,699,295 in the last quarter.

Wall Street Analyst Weigh In

Several analysts recently issued reports on RDDT shares. Needham & Company LLC upped their target price on Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. JPMorgan Chase & Co. boosted their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Guggenheim assumed coverage on Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective for the company. Roth Mkm raised their target price on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Morgan Stanley raised shares of Reddit from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $70.00 to $200.00 in a research report on Monday, December 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and an average price target of $148.25.

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.