Salem Investment Counselors Inc. Purchases New Stake in Reddit, Inc. (NYSE:RDDT)

Salem Investment Counselors Inc. acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 5,325 shares of the company's stock, valued at approximately $559,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Plato Investment Management Ltd bought a new position in Reddit during the 4th quarter worth $27,000. EverSource Wealth Advisors LLC bought a new position in shares of Reddit in the 4th quarter valued at $28,000. Bogart Wealth LLC acquired a new position in Reddit in the 4th quarter worth about $33,000. Allworth Financial LP raised its holdings in Reddit by 970.0% in the 4th quarter. Allworth Financial LP now owns 214 shares of the company's stock valued at $35,000 after buying an additional 194 shares during the last quarter. Finally, Kestra Investment Management LLC acquired a new position in shares of Reddit during the fourth quarter worth $38,000.

Reddit Price Performance

Shares of NYSE RDDT traded up $1.85 during mid-day trading on Friday, reaching $118.05. The company's stock had a trading volume of 6,495,666 shares, compared to its average volume of 6,267,187. Reddit, Inc. has a 52 week low of $49.13 and a 52 week high of $230.41. The firm has a market capitalization of $21.78 billion, a PE ratio of -15.27, a P/E/G ratio of 4.72 and a beta of 1.99. The stock has a fifty day moving average of $108.87 and a two-hundred day moving average of $142.78.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. The company had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Reddit's revenue was up 61.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($8.19) earnings per share. Analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Transactions at Reddit

In other news, CFO Andrew Vollero sold 100,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $12,408,000.00. Following the completion of the transaction, the chief financial officer now owns 499,295 shares of the company's stock, valued at approximately $61,952,523.60. This trade represents a 16.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 124,408 shares of the firm's stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $96.65, for a total value of $12,024,033.20. Following the completion of the sale, the chief executive officer now owns 577,013 shares in the company, valued at approximately $55,768,306.45. This represents a 17.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 553,467 shares of company stock worth $60,888,391. Insiders own 34.25% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on RDDT shares. Robert W. Baird reduced their price objective on shares of Reddit from $140.00 to $120.00 and set a "neutral" rating for the company in a research report on Wednesday, May 21st. Redburn Atlantic started coverage on shares of Reddit in a report on Monday, March 17th. They set a "sell" rating and a $75.00 price target on the stock. Wells Fargo & Company set a $115.00 target price on Reddit and gave the company an "equal weight" rating in a research report on Monday, May 19th. Morgan Stanley decreased their price objective on Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Finally, Oppenheimer started coverage on Reddit in a research report on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 price target for the company. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $139.35.

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.