Carnegie Investment Counsel Buys 19,589 Shares of Reddit Inc. (NYSE:RDDT)

Carnegie Investment Counsel increased its stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 12.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 180,794 shares of the company's stock after buying an additional 19,589 shares during the quarter. Carnegie Investment Counsel owned 0.10% of Reddit worth $18,965,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. FMR LLC grew its holdings in Reddit by 7.5% during the fourth quarter. FMR LLC now owns 13,070,780 shares of the company's stock worth $2,136,288,000 after buying an additional 913,189 shares in the last quarter. Vanguard Group Inc. boosted its position in Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares during the last quarter. Alliancebernstein L.P. boosted its position in Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after purchasing an additional 2,537,768 shares during the last quarter. Lord Abbett & CO. LLC boosted its position in Reddit by 12.8% in the fourth 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. Finally, Renaissance Technologies LLC boosted its position in Reddit by 265.4% in the fourth 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.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Guggenheim reissued a "buy" rating and issued a $165.00 price objective on shares of Reddit in a research report on Tuesday, June 24th. Morgan Stanley upped their price target on Reddit from $154.00 to $170.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. Royal Bank Of Canada set a $125.00 price target on Reddit and gave the company a "sector perform" rating in a research report on Wednesday, June 25th. Robert W. Baird upped their price target on Reddit from $120.00 to $151.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company upped their price target on Reddit from $115.00 to $118.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Reddit currently has a consensus rating of "Moderate Buy" and a consensus price target of $144.13.

Reddit Trading Up 1.1%

Shares of RDDT stock traded up $1.60 during trading hours on Friday, reaching $149.73. The company's stock had a trading volume of 4,495,742 shares, compared to its average volume of 6,198,616. The stock has a market capitalization of $27.63 billion, a P/E ratio of 253.78, a P/E/G ratio of 3.84 and a beta of 2.33. Reddit Inc. has a one year low of $49.13 and a one year high of $230.41. The firm's fifty day simple moving average is $131.22 and its 200 day simple moving average is $138.76.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The business's quarterly revenue was up 61.5% compared to the same quarter last year. During the same period last year, the company earned ($8.19) EPS. As a group, equities research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other news, CFO Andrew Vollero sold 30,000 shares of the business's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $117.64, for a total value of $3,529,200.00. Following the completion of the transaction, the chief financial officer owned 333,806 shares in the company, valued at $39,268,937.84. The trade was a 8.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the business's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $142.06, for a total value of $4,735,428.04. Following the completion of the transaction, the chief operating officer owned 1,428,007 shares of the company's stock, valued at $202,862,674.42. This represents a 2.28% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 506,809 shares of company stock worth $61,884,325. 34.25% of the stock is owned by company insiders.

Reddit 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.