Campbell Capital Management Inc. Acquires 4,866 Shares of Reddit Inc. (NYSE:RDDT)

Key Points

• Campbell Capital Management Inc. increased its stake in Reddit Inc. by 77.9% during the first quarter, now owning 11,110 shares valued at approximately $1.165 million.
• Several institutional investors, including CWM LLC and Canton Hathaway LLC, have also recently acquired new stakes in Reddit, indicating growing institutional interest.
• Reddit's stock received numerous analyst upgrades, with price targets raised, including a new target of $225.00 from Raymond James Financial, reflecting a positive outlook in the market.

Campbell Capital Management Inc. lifted its position in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 77.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,110 shares of the company's stock after acquiring an additional 4,866 shares during the quarter. Reddit makes up approximately 0.7% of Campbell Capital Management Inc.'s portfolio, making the stock its 19th biggest position. Campbell Capital Management Inc.'s holdings in Reddit were worth $1,165,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of RDDT. Lord Abbett & CO. LLC raised its position in Reddit by 12.8% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock worth $304,325,000 after purchasing an additional 211,636 shares during the last quarter. Renaissance Technologies LLC raised its position in Reddit by 265.4% during the 4th quarter. Renaissance Technologies LLC now owns 1,650,500 shares of the company's stock worth $269,758,000 after purchasing an additional 1,198,800 shares during the last quarter. Cresset Asset Management LLC raised its position in Reddit by 159.6% during the 4th quarter. Cresset Asset Management LLC now owns 1,308,797 shares of the company's stock worth $213,910,000 after purchasing an additional 804,591 shares during the last quarter. Whale Rock Capital Management LLC bought a new position in Reddit during the 4th quarter worth $204,054,000. Finally, Voya Investment Management LLC bought a new position in Reddit during the 4th quarter worth $157,984,000.

Insider Buying and Selling at Reddit

In other news, CTO Christopher Brian Slowe sold 16,000 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $145.58, for a total transaction of $2,329,280.00. Following the completion of the sale, the chief technology officer directly owned 241,373 shares in the company, valued at approximately $35,139,081.34. This represents a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Michelle Marie Reynolds sold 3,500 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $202.60, for a total transaction of $709,100.00. Following the sale, the chief accounting officer owned 34,368 shares of the company's stock, valued at approximately $6,962,956.80. This represents a 9.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 510,309 shares of company stock valued at $63,881,845. Corporate insiders own 34.25% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on RDDT. JPMorgan Chase & Co. lifted their target price on Reddit from $145.00 to $190.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Raymond James Financial reiterated a "strong-buy" rating and issued a $225.00 target price (up from $175.00) on shares of Reddit in a report on Friday, August 1st. Seaport Res Ptn upgraded Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. Needham & Company LLC increased their price target on Reddit from $165.00 to $215.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, Loop Capital cut their price target on Reddit from $210.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, June 12th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $168.43.

Reddit Trading Up 1.7%

Shares of Reddit stock traded up $3.69 during trading on Friday, hitting $215.51. The stock had a trading volume of 4,719,803 shares, compared to its average volume of 7,913,331. The firm has a market cap of $39.77 billion, a price-to-earnings ratio of 195.92, a P/E/G ratio of 3.36 and a beta of 2.30. Reddit Inc. has a 12 month low of $50.80 and a 12 month high of $230.41. The business's 50-day moving average is $147.12 and its 200 day moving average is $139.74.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.25. Reddit had a net margin of 12.97% and a return on equity of 9.93%. The company had revenue of $499.63 million during the quarter, compared to analyst estimates of $424.07 million. During the same period in the previous year, the business earned ($0.06) earnings per share. The firm's quarterly revenue was up 77.9% compared to the same quarter last year. As a group, equities analysts expect that Reddit Inc. will post 1.12 EPS for the current year.

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.