Pinnbrook Capital Management LP Makes New Investment in Reddit Inc. $RDDT

Pinnbrook Capital Management LP acquired a new position in Reddit Inc. (NYSE:RDDT) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 8,264 shares of the company’s stock, valued at approximately $1,901,000.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Reddit by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after buying an additional 1,401,293 shares during the period. JPMorgan Chase & Co. raised its holdings in Reddit by 7.5% during the second quarter. JPMorgan Chase & Co. now owns 2,051,175 shares of the company’s stock valued at $308,846,000 after acquiring an additional 143,680 shares during the period. State Street Corp lifted its position in shares of Reddit by 138.5% in the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after acquiring an additional 1,178,890 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Reddit by 72.1% in the second quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company’s stock valued at $299,044,000 after acquiring an additional 833,245 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Reddit in the second quarter worth about $294,254,000.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Robert W. Baird set a $200.00 target price on Reddit in a research report on Friday, February 6th. Cantor Fitzgerald dropped their price target on Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. Truist Financial increased their price objective on shares of Reddit from $270.00 to $275.00 and gave the company a “buy” rating in a report on Friday, February 6th. Piper Sandler reiterated an “overweight” rating and set a $205.00 price objective (down from $290.00) on shares of Reddit in a research report on Friday, February 6th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $300.00 target price on shares of Reddit in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $236.00.

Insider Buying and Selling

In other Reddit news, CTO Christopher Brian Slowe sold 9,500 shares of the stock in a transaction on Monday, March 9th. The shares were sold at an average price of $136.55, for a total transaction of $1,297,225.00. Following the completion of the transaction, the chief technology officer owned 183,057 shares in the company, valued at $24,996,433.35. This trade represents a 4.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Jennifer L. Wong sold 30,777 shares of Reddit stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $143.42, for a total transaction of $4,414,037.34. Following the completion of the transaction, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at $156,105,642.42. The trade was a 2.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 433,335 shares of company stock valued at $89,139,359 in the last three months. Corporate insiders own 34.25% of the company’s stock.

Reddit Trading Down 0.0%

Shares of Reddit stock opened at $132.21 on Friday. The firm has a market cap of $25.26 billion, a PE ratio of 50.46, a PEG ratio of 0.96 and a beta of 2.40. The stock has a 50 day moving average of $177.60 and a 200 day moving average of $205.03. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. The business had revenue of $725.61 million for the quarter, compared to the consensus estimate of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The company’s revenue was up 69.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 EPS. As a group, equities research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Reddit Company 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.