Carnegie Investment Counsel Sells 8,920 Shares of Reddit, Inc. (NYSE:RDDT)

Carnegie Investment Counsel decreased its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 5.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 161,205 shares of the company's stock after selling 8,920 shares during the period. Carnegie Investment Counsel owned approximately 0.09% of Reddit worth $26,347,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. ARK Investment Management LLC raised its position in Reddit by 120.5% in the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company's stock valued at $23,251,000 after buying an additional 192,785 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Reddit by 3,640.5% in the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company's stock worth $16,831,000 after acquiring an additional 248,499 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Reddit by 903.8% in the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company's stock valued at $33,231,000 after purchasing an additional 453,894 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Reddit by 176.0% during the third quarter. Geode Capital Management LLC now owns 824,200 shares of the company's stock valued at $54,355,000 after purchasing an additional 525,619 shares in the last quarter. Finally, Mission Creek Capital Partners Inc. purchased a new position in Reddit during the third quarter worth about $7,490,000.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction on Friday, November 1st. The shares were sold at an average price of $113.13, for a total transaction of $1,583,820.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at $73,735,305.75. The trade was a 2.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the company's stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the transaction, the chief technology officer now directly owns 30,068 shares in the company, valued at approximately $2,329,668.64. The trade was a 14.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 217,023 shares of company stock worth $31,699,295 in the last quarter.

Reddit Stock Up 0.4 %

RDDT traded up $0.70 on Friday, hitting $175.57. The company's stock had a trading volume of 3,370,030 shares, compared to its average volume of 4,772,176. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $187.69. The company's 50 day simple moving average is $157.24 and its 200-day simple moving average is $99.68.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Reddit's revenue was up 67.9% compared to the same quarter last year. On average, sell-side analysts expect that Reddit, Inc. will post -3.46 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have commented on RDDT shares. Needham & Company LLC increased their price objective on shares of Reddit from $120.00 to $190.00 and gave the company a "buy" rating in a research note on Wednesday, December 11th. Sanford C. Bernstein increased their price target on Reddit from $65.00 to $85.00 and gave the company an "underperform" rating in a research report on Wednesday, October 30th. Morgan Stanley raised Reddit from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $70.00 to $200.00 in a research report on Monday, December 9th. B. Riley upped their price objective on Reddit from $112.00 to $187.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, Wells Fargo & Company began coverage on Reddit in a research note on Wednesday, December 11th. They set an "overweight" rating and a $206.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $148.25.

About Reddit

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.