Okabena Investment Services Inc. Invests $1.58 Million in Reddit Inc. $RDDT

Okabena Investment Services Inc. purchased a new stake in Reddit Inc. (NYSE:RDDT) during the 3rd quarter, HoldingsChannel.com reports. The firm purchased 6,889 shares of the company’s stock, valued at approximately $1,584,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Raiffeisen Bank International AG acquired a new position in Reddit during the 3rd quarter valued at about $25,000. Cornerstone Planning Group LLC raised its stake in shares of Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after buying an additional 135 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Reddit by 8,650.0% in the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after buying an additional 173 shares during the period. Cloud Capital Management LLC bought a new position in Reddit in the third quarter valued at approximately $47,000. Finally, Covestor Ltd boosted its stake in Reddit by 138.5% in the third quarter. Covestor Ltd now owns 217 shares of the company’s stock valued at $50,000 after acquiring an additional 126 shares during the last quarter.

Reddit Stock Down 3.9%

Reddit stock opened at $145.31 on Friday. The company has a 50 day moving average of $195.79 and a 200-day moving average of $211.16. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95. The stock has a market capitalization of $27.76 billion, a PE ratio of 55.46, a price-to-earnings-growth ratio of 1.06 and a beta of 2.17.

Reddit (NYSE:RDDT) last posted 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 business had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm’s revenue was up 69.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.36 EPS. Equities analysts anticipate that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling

In other Reddit news, CTO Christopher Brian Slowe sold 19,036 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total value of $2,742,135.80. Following the sale, the chief technology officer owned 185,057 shares in the company, valued at approximately $26,657,460.85. The trade was a 9.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Michelle Marie Reynolds sold 2,291 shares of the company’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $143.59, for a total value of $328,964.69. Following the transaction, the chief accounting officer directly owned 17,133 shares of the company’s stock, valued at approximately $2,460,127.47. This trade represents a 11.79% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 431,084 shares of company stock valued at $91,126,289. Corporate insiders own 34.25% of the company’s stock.

Wall Street Analyst Weigh In

RDDT has been the topic of several recent research reports. Citigroup raised their price target on Reddit from $250.00 to $265.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. Evercore reaffirmed an “outperform” rating and issued a $290.00 price target on shares of Reddit in a research note on Friday, February 6th. Wall Street Zen upgraded shares of Reddit from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. Cantor Fitzgerald decreased their price objective on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a report on Friday, February 6th. Finally, Wells Fargo & Company set a $196.00 target price on shares of Reddit in a report on Monday, February 9th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $238.78.

Reddit Profile

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.