Campbell Capital Management Inc. Purchases New Position in Reddit, Inc. (NYSE:RDDT)

Campbell Capital Management Inc. acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 46,841 shares of the company's stock, valued at approximately $3,088,000. Reddit accounts for approximately 1.2% of Campbell Capital Management Inc.'s investment portfolio, making the stock its 23rd biggest position.

Several other large investors have also recently bought and sold shares of RDDT. VY Capital Management Co. Ltd. bought a new stake in Reddit in the 3rd quarter valued at $474,403,000. Inclusive Capital Partners L.P. bought a new stake in shares of Reddit in the first quarter valued at about $103,051,000. Vanguard Group Inc. acquired a new position in shares of Reddit during the first quarter worth about $82,167,000. Price T Rowe Associates Inc. MD bought a new position in shares of Reddit during the first quarter worth about $37,015,000. Finally, Blackstone Inc. acquired a new stake in Reddit in the 1st quarter valued at approximately $36,990,000.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RDDT. Roth Mkm upped their price target on Reddit from $89.00 to $116.00 and gave the stock a "buy" rating in a research report on Wednesday. Sanford C. Bernstein increased their target price on shares of Reddit from $65.00 to $85.00 and gave the stock an "underperform" rating in a report on Wednesday. JMP Securities lifted their price target on shares of Reddit from $84.00 to $118.00 and gave the company a "market outperform" rating in a research note on Wednesday. Piper Sandler restated an "overweight" rating and set a $115.00 price objective (up from $70.00) on shares of Reddit in a research note on Wednesday. Finally, B. Riley reaffirmed a "buy" rating and issued a $112.00 target price (up previously from $87.00) on shares of Reddit in a research report on Wednesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $89.72.

Reddit Stock Performance

RDDT stock traded down $6.32 during trading on Friday, hitting $112.98. The company had a trading volume of 12,024,739 shares, compared to its average volume of 7,110,488. The business has a 50-day moving average of $70.13 and a 200-day moving average of $62.43. Reddit, Inc. has a one year low of $37.35 and a one year high of $123.60.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. Reddit's quarterly revenue was up 67.9% on a year-over-year basis. As a group, research analysts forecast that Reddit, Inc. will post -4.05 earnings per share for the current year.

Insider Transactions at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 45,807 shares of Reddit stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total value of $2,473,119.93. Following the completion of the sale, the insider now directly owns 194,473 shares in the company, valued at approximately $10,499,597.27. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Reddit news, insider Benjamin Seong Lee sold 45,807 shares of the firm's stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $2,473,119.93. Following the completion of the sale, the insider now directly owns 194,473 shares in the company, valued at approximately $10,499,597.27. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Christopher Brian Slowe sold 5,000 shares of Reddit stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the sale, the chief technology officer now directly owns 30,068 shares of the company's stock, valued at approximately $2,329,668.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 390,327 shares of company stock valued at $23,503,224.

Reddit Profile

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.