Pinkerton Wealth LLC Makes New Investment in Reddit Inc. $RDDT

Pinkerton Wealth LLC acquired a new stake in shares of Reddit Inc. (NYSE:RDDT) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 3,976 shares of the company’s stock, valued at approximately $914,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in RDDT. NewEdge Advisors LLC lifted its stake in shares of Reddit by 143.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after purchasing an additional 4,701 shares during the period. Empowered Funds LLC purchased a new stake in Reddit in the first quarter worth $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Reddit by 106.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock worth $22,759,000 after purchasing an additional 111,780 shares in the last quarter. Focus Partners Wealth raised its holdings in Reddit by 40.8% in the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after purchasing an additional 2,965 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its position in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after buying an additional 286 shares during the period.

Reddit Price Performance

RDDT opened at $138.82 on Tuesday. The stock has a 50-day moving average price of $185.60 and a 200-day moving average price of $207.22. The firm has a market cap of $26.52 billion, a PE ratio of 52.98, a P/E/G ratio of 1.01 and a beta of 2.41. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95.

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

Insider Transactions at Reddit

In other news, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $234.37, for a total value of $9,179,569.79. Following the transaction, the chief operating officer owned 1,184,528 shares in the company, valued at approximately $277,617,827.36. This represents a 3.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Benjamin Seong Lee sold 55,005 shares of the stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $221.21, for a total transaction of $12,167,656.05. Following the sale, the insider owned 62,608 shares in the company, valued at approximately $13,849,515.68. The trade was a 46.77% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 423,835 shares of company stock valued at $87,842,134. 34.25% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Truist Financial boosted their target price on shares of Reddit from $270.00 to $275.00 and gave the company a “buy” rating in a report on Friday, February 6th. JPMorgan Chase & Co. lowered their price target on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. B. Riley Financial boosted their price objective on shares of Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. China Renaissance assumed coverage on shares of Reddit in a report on Tuesday, December 9th. They issued a “buy” rating and a $300.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $285.00 target price on shares of Reddit in a research note on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $238.78.

About Reddit

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.