Reddit Inc. $RDDT Stock Holdings Boosted by Carnegie Investment Counsel

Key Points

• Carnegie Investment Counsel boosted its Reddit stake by 10.5% in the first quarter, bringing its holdings to 182,197 shares valued at about $24.5 million.
• Other major institutions also increased exposure to Reddit, including Capital World Investors, Norges Bank, Invesco, State Street, and Vanguard, signaling broad institutional interest in the stock.
• Reddit reported strong quarterly results, with EPS of $1.01 and revenue of $663.4 million, beating estimates and lifting revenue 69.1% year over year, even as the stock slipped 2.6% on the day.

Carnegie Investment Counsel increased its position in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 10.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 182,197 shares of the company's stock after acquiring an additional 17,287 shares during the period. Carnegie Investment Counsel owned approximately 0.10% of Reddit worth $24,533,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Capital World Investors acquired a new stake in Reddit during the 4th quarter valued at $1,293,258,000. Norges Bank purchased a new position in shares of Reddit during the fourth quarter valued at $372,047,000. Invesco Ltd. grew its holdings in shares of Reddit by 419.0% during the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company's stock valued at $342,212,000 after buying an additional 1,201,237 shares in the last quarter. State Street Corp raised its position in Reddit by 138.5% during the second quarter. State Street Corp now owns 2,030,139 shares of the company's stock valued at $305,678,000 after buying an additional 1,178,890 shares during the period. Finally, Vanguard Group Inc. raised its position in Reddit by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company's stock valued at $3,062,339,000 after buying an additional 1,083,540 shares during the period.

Insider Transactions at Reddit

In other news, CAO Michelle Marie Reynolds sold 808 shares of the company's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total transaction of $161,600.00. Following the completion of the transaction, the chief accounting officer owned 15,060 shares of the company's stock, valued at approximately $3,012,000. This represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $161.47, for a total value of $6,324,295.49. Following the sale, the chief operating officer directly owned 1,088,451 shares in the company, valued at approximately $175,752,182.97. This trade represents a 3.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 226,308 shares of company stock worth $37,856,340. 28.48% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of research reports. Piper Sandler restated an "overweight" rating and set a $215.00 price objective on shares of Reddit in a research report on Thursday. Weiss Ratings reissued a "hold (c)" rating on shares of Reddit in a research report on Friday, May 8th. Raymond James Financial set a $180.00 price target on shares of Reddit and gave the stock a "market perform" rating in a report on Friday, May 1st. Jefferies Financial Group set a $250.00 price objective on shares of Reddit in a research report on Friday. Finally, Cantor Fitzgerald upped their price objective on shares of Reddit from $170.00 to $180.00 and gave the company a "neutral" rating in a research note on Friday, May 1st. Eighteen analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $231.14.

Reddit Stock Down 2.6%

Shares of RDDT stock traded down $5.22 during trading hours on Friday, reaching $195.09. 3,746,228 shares of the company's stock were exchanged, compared to its average volume of 3,928,101. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95. The stock has a market capitalization of $37.56 billion, a P/E ratio of 55.74 and a beta of 1.93. The business has a fifty day moving average price of $169.48 and a 200-day moving average price of $170.92.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business had revenue of $663.41 million for the quarter, compared to the consensus estimate of $607.74 million. Reddit's quarterly revenue was up 69.1% on a year-over-year basis. During the same quarter last year, the company posted $0.13 earnings per share. As a group, research analysts expect that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Reddit Profile

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.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.