Okabena Investment Services Inc. Buys Shares of 6,889 Reddit Inc. $RDDT

Okabena Investment Services Inc. purchased a new position in shares of Reddit Inc. (NYSE:RDDT) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 6,889 shares of the company’s stock, valued at approximately $1,584,000.

Other hedge funds have also made changes to their positions in the company. Raiffeisen Bank International AG acquired a new stake in Reddit in the 3rd quarter worth approximately $25,000. Cornerstone Planning Group LLC raised its position in shares of Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares during the period. Geneos Wealth Management Inc. lifted its stake in shares of Reddit by 344.6% in the first 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. GAMMA Investing LLC lifted 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 buying an additional 173 shares during the last quarter. Finally, Cloud Capital Management LLC bought a new stake in shares of Reddit during the 3rd quarter worth $47,000.

Analyst Upgrades and Downgrades

RDDT has been the subject of several recent analyst reports. Argus set a $300.00 target price on Reddit in a research note on Friday, January 9th. Guggenheim raised their price target on shares of Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Oppenheimer cut their price objective on shares of Reddit from $300.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, February 6th. Evercore reiterated an “outperform” rating and issued a $290.00 target price on shares of Reddit in a research note on Friday, February 6th. Finally, Piper Sandler reissued an “overweight” rating and set a $205.00 target price (down from $290.00) on shares of Reddit in a research report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Reddit has a consensus rating of “Moderate Buy” and an average target price of $238.78.

Reddit Stock Down 3.9%

NYSE RDDT opened at $145.31 on Friday. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95. The stock has a market cap of $27.76 billion, a P/E ratio of 55.46, a PEG ratio of 1.06 and a beta of 2.17. The company’s 50-day simple moving average is $195.79 and its 200 day simple moving average is $211.16.

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

Insider Transactions at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 19,036 shares of the business’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $144.05, for a total value of $2,742,135.80. Following the transaction, the chief technology officer directly owned 185,057 shares in the company, valued at $26,657,460.85. The trade was a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Michelle Marie Reynolds sold 2,291 shares of Reddit stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $143.59, for a total transaction of $328,964.69. Following the completion of the transaction, the chief accounting officer owned 17,133 shares of the company’s stock, valued at $2,460,127.47. This trade represents a 11.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 431,084 shares of company stock valued at $91,126,289. 34.25% of the stock is owned by insiders.

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.