Meridian Investment Counsel Inc. Purchases New Position in Reddit Inc. $RDDT

Meridian Investment Counsel Inc. acquired a new position in shares of Reddit Inc. (NYSE:RDDT) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,854 shares of the company’s stock, valued at approximately $656,000.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Norges Bank acquired a new stake in Reddit in the second quarter valued at approximately $294,254,000. Amundi grew its holdings in Reddit by 2,060.5% during the 2nd quarter. Amundi now owns 1,307,231 shares of the company’s stock valued at $208,294,000 after purchasing an additional 1,246,725 shares in the last quarter. State Street Corp grew its holdings in Reddit by 138.5% during the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after purchasing an additional 1,178,890 shares in the last quarter. Nordea Investment Management AB increased its stake in Reddit by 21,703.0% during the 2nd quarter. Nordea Investment Management AB now owns 1,060,935 shares of the company’s stock worth $164,021,000 after buying an additional 1,056,069 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Reddit by 72.1% in the 2nd quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company’s stock worth $299,044,000 after buying an additional 833,245 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on RDDT shares. Cannonball Research restated a “buy” rating on shares of Reddit in a research note on Tuesday, September 23rd. Wells Fargo & Company raised their price objective on Reddit from $155.00 to $174.00 and gave the company a “cautious” rating in a research note on Tuesday, October 7th. Wall Street Zen upgraded Reddit from a “hold” rating to a “buy” rating in a report on Sunday, December 14th. Robert W. Baird increased their target price on Reddit from $177.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, September 25th. Finally, China Renaissance assumed coverage on shares of Reddit in a research report on Tuesday, December 9th. They set a “buy” rating and a $300.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $230.65.

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $230.76, for a total value of $4,153,680.00. Following the transaction, the chief executive officer directly owned 448,576 shares in the company, valued at approximately $103,513,397.76. This trade represents a 3.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Michelle Marie Reynolds sold 11,249 shares of Reddit stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $232.95, for a total transaction of $2,620,454.55. Following the completion of the transaction, the chief accounting officer directly owned 10,558 shares of the company’s stock, valued at $2,459,486.10. This trade represents a 51.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 465,333 shares of company stock valued at $97,652,064 in the last ninety days. 34.25% of the stock is owned by insiders.

Reddit Stock Up 0.7%

NYSE:RDDT opened at $255.48 on Thursday. The company has a market cap of $48.41 billion, a PE ratio of 146.83, a P/E/G ratio of 1.70 and a beta of 2.17. The business’s 50 day moving average is $216.53 and its two-hundred day moving average is $205.77. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 14.94% and a net margin of 18.33%.The business’s revenue was up 67.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.16 EPS. As a group, sell-side analysts expect that Reddit Inc. will post 1.12 EPS for the current fiscal year.

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.