Pinkerton Wealth LLC Invests $914,000 in Reddit Inc. $RDDT

Pinkerton Wealth LLC purchased a new stake in shares of Reddit Inc. (NYSE:RDDT) during the third quarter, HoldingsChannel.com reports. The institutional investor purchased 3,976 shares of the company’s stock, valued at approximately $914,000.

Other institutional investors also recently modified their holdings of the company. Raiffeisen Bank International AG purchased a new position in Reddit in the 3rd quarter worth about $25,000. GW&K Investment Management LLC bought a new position in Reddit during the 3rd quarter valued at about $30,000. Cornerstone Planning Group LLC boosted its holdings in shares of Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after acquiring an additional 135 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Reddit by 8,650.0% in the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after acquiring an additional 173 shares during the period.

Reddit Stock Down 0.4%

Shares of NYSE:RDDT opened at $138.82 on Tuesday. The stock has a market capitalization of $26.52 billion, a PE ratio of 52.98, a price-to-earnings-growth ratio of 1.01 and a beta of 2.41. The firm’s 50 day moving average price is $185.60 and its 200-day moving average price is $207.22. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The company had revenue of $725.61 million during the quarter, compared to analyst estimates of $665.80 million. During the same period in the previous year, the business posted $0.36 earnings per share. The firm’s quarterly revenue was up 69.7% compared to the same quarter last year. Analysts expect that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction on Friday, February 27th. The stock was sold at an average price of $145.12, for a total value of $2,612,160.00. Following the completion of the sale, the chief executive officer directly owned 411,195 shares in the company, valued at $59,672,618.40. This represents a 4.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Benjamin Seong Lee sold 5,575 shares of the firm’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $143.35, for a total value of $799,176.25. Following the completion of the transaction, the insider directly owned 79,309 shares in the company, valued at approximately $11,368,945.15. This represents a 6.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 423,835 shares of company stock worth $87,842,134. Company insiders own 34.25% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on RDDT. Weiss Ratings reissued a “hold (c-)” rating on shares of Reddit in a report on Monday, December 29th. Wall Street Zen cut shares of Reddit from a “buy” rating to a “hold” rating in a report on Saturday. Piper Sandler reaffirmed an “overweight” rating and issued a $205.00 target price (down from $290.00) on shares of Reddit in a research report on Friday, February 6th. Robert W. Baird set a $200.00 target price on shares of Reddit in a research note on Friday, February 6th. Finally, Truist Financial raised their price target on Reddit from $270.00 to $275.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $238.78.

Reddit Company 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.