Reddit Inc. $RDDT Stock Position Increased by Samalin Investment Counsel LLC

by · The Cerbat Gem

Samalin Investment Counsel LLC boosted its position in shares of Reddit Inc. (NYSE:RDDT – Free Report) by 95.7% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 5,033 shares of the company’s stock after buying an additional 2,461 shares during the period. Samalin Investment Counsel LLC’s holdings in Reddit were worth $1,158,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of RDDT. Teacher Retirement System of Texas increased its stake in shares of Reddit by 880.5% in the second quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company’s stock worth $14,255,000 after acquiring an additional 85,020 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new position in Reddit in the second quarter valued at about $2,078,000. J. Safra Sarasin Holding AG purchased a new position in Reddit in the second quarter valued at about $226,000. Plato Investment Management Ltd increased its position in Reddit by 120.2% in the 2nd quarter. Plato Investment Management Ltd now owns 2,970 shares of the company’s stock worth $446,000 after purchasing an additional 1,621 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Reddit during the 2nd quarter worth about $2,666,000.

Insiders Place Their Bets

In related news, insider Benjamin Seong Lee sold 3,320 shares of the stock in a transaction that occurred on Friday, January 9th. The stock was sold at an average price of $260.22, for a total transaction of $863,930.40. Following the completion of the sale, the insider owned 62,608 shares in the company, valued at $16,291,853.76. This represents a 5.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Christopher Brian Slowe sold 14,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $253.88, for a total value of $3,554,320.00. Following the completion of the sale, the chief technology officer directly owned 169,694 shares in the company, valued at $43,081,912.72. This trade represents a 7.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 509,470 shares of company stock valued at $110,449,501. 34.25% of the stock is owned by company insiders.

Reddit Trading Down 2.4%

Shares of Reddit stock opened at $225.48 on Wednesday. The firm has a fifty day simple moving average of $224.30 and a 200-day simple moving average of $212.08. The stock has a market capitalization of $42.73 billion, a price-to-earnings ratio of 129.59, a PEG ratio of 1.55 and a beta of 2.17. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95.

Reddit (NYSE:RDDT – Get Free Report) last posted its earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.30. The business had revenue of $584.91 million for the quarter, compared to analyst estimates of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. Reddit’s revenue was up 67.9% compared to the same quarter last year. During the same period last year, the business posted $0.16 EPS. As a group, research analysts predict that Reddit Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RDDT. Bank of America boosted their price target on Reddit from $180.00 to $210.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Argus set a $300.00 target price on shares of Reddit in a research note on Friday, January 9th. Citigroup increased their price target on shares of Reddit from $250.00 to $265.00 and gave the stock a “buy” rating in a research note on Monday, November 3rd. Morgan Stanley raised their price target on shares of Reddit from $250.00 to $265.00 and gave the company an “overweight” rating in a report on Tuesday, January 13th. Finally, UBS Group set a $265.00 price objective on shares of Reddit in a report on Tuesday, January 13th. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $240.17.

Read Our Latest Report on RDDT

Reddit Company Profile

(Free Report)

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.

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