Reddit Inc. $RDDT Position Reduced by Carnegie Investment Counsel

Key Points

• Carnegie Investment Counsel reduced its stake in Reddit Inc. by 20.0% during the second quarter, now owning approximately 0.08% of the company valued at $21.78 million.
• The stock has seen various analysts raise their price targets recently, with a consensus rating of "Moderate Buy" and an average price target of $217.50.
• Reddit's quarterly earnings report showed a revenue increase of 77.9% year-over-year, with earnings per share of $0.45, surpassing estimates significantly.

Carnegie Investment Counsel trimmed its stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 20.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 144,686 shares of the company's stock after selling 36,108 shares during the quarter. Carnegie Investment Counsel owned approximately 0.08% of Reddit worth $21,785,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of RDDT. CWM LLC lifted its position in shares of Reddit by 100.0% in the 1st quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after buying an additional 128 shares during the last quarter. Stone House Investment Management LLC bought a new position in shares of Reddit in the 1st quarter worth about $31,000. Financial Perspectives Inc bought a new position in shares of Reddit in the 2nd quarter worth about $34,000. Geneos Wealth Management Inc. lifted its position in shares of Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock worth $39,000 after buying an additional 286 shares during the last quarter. Finally, Olde Wealth Management LLC bought a new position in shares of Reddit in the 1st quarter worth about $46,000.

Analyst Ratings Changes

A number of research analysts have recently issued reports on RDDT shares. Bank of America raised their price target on shares of Reddit from $130.00 to $150.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 30th. Wells Fargo & Company raised their price target on shares of Reddit from $155.00 to $174.00 and gave the stock a "cautious" rating in a research report on Tuesday, October 7th. Robert W. Baird increased their price objective on shares of Reddit from $177.00 to $240.00 and gave the stock a "neutral" rating in a report on Thursday, September 25th. Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of Reddit in a report on Wednesday, October 1st. Finally, Sanford C. Bernstein set a $190.00 price objective on shares of Reddit and gave the stock a "market perform" rating in a report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $217.50.

Reddit Trading Up 1.9%

Reddit stock opened at $200.78 on Friday. The stock has a market cap of $37.58 billion, a price-to-earnings ratio of 182.53, a PEG ratio of 3.01 and a beta of 2.23. The company's 50-day moving average price is $226.05 and its two-hundred day moving average price is $165.20. Reddit Inc. has a 52 week low of $77.14 and a 52 week high of $282.95.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.20 by $0.25. The firm had revenue of $499.63 million for the quarter, compared to analysts' expectations of $424.07 million. Reddit had a net margin of 12.97% and a return on equity of 9.93%. Reddit's quarterly revenue was up 77.9% on a year-over-year basis. During the same quarter last year, the company earned ($0.06) EPS. Reddit has set its Q3 2025 guidance at EPS. Research analysts expect that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, CFO Andrew Vollero sold 30,000 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $218.09, for a total transaction of $6,542,700.00. Following the transaction, the chief financial officer owned 284,168 shares of the company's stock, valued at approximately $61,974,199.12. This trade represents a 9.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 18,000 shares of the firm's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $223.41, for a total transaction of $4,021,380.00. Following the transaction, the chief executive officer directly owned 494,104 shares in the company, valued at approximately $110,387,774.64. The trade was a 3.51% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 366,500 shares of company stock worth $83,829,951 in the last 90 days. Corporate insiders own 34.25% of the company's stock.

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.

Want to see what other hedge funds are holding RDDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Reddit Inc. (NYSE:RDDT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.