Campbell Capital Management Inc. Acquires New Shares in Reddit, Inc. (NYSE:RDDT)

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

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RDDT. BNP Paribas Financial Markets acquired a new position in Reddit during the 1st quarter valued at approximately $37,000. Whittier Trust Co. acquired a new position in Reddit during the 3rd quarter valued at approximately $42,000. ANTIPODES PARTNERS Ltd acquired a new position in Reddit during the 1st quarter valued at approximately $63,000. SOA Wealth Advisors LLC. acquired a new position in Reddit during the 2nd quarter valued at approximately $78,000. Finally, Sandia Investment Management LP bought a new stake in Reddit during the 1st quarter valued at $79,000.

Wall Street Analyst Weigh In

Several analysts have weighed in on RDDT shares. Needham & Company LLC lifted their target price on Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday. The Goldman Sachs Group lifted their target price on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Sanford C. Bernstein lifted their target price on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday. JPMorgan Chase & Co. lifted their target price on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. Finally, JMP Securities lifted their target price on Reddit from $84.00 to $118.00 and gave the company a “market outperform” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $89.72.

Insider Transactions at Reddit

In other news, Director Mary Porter Gale sold 15,000 shares of Reddit stock in a transaction on Friday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00. Following the transaction, the director now owns 101,459 shares in the company, valued at approximately $5,349,933.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Mary Porter Gale sold 15,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00. Following the transaction, the director now directly owns 101,459 shares of the company’s stock, valued at approximately $5,349,933.07. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the transaction, the chief executive officer now directly owns 672,352 shares in the company, valued at $36,293,560.96. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 390,327 shares of company stock valued at $23,503,224 over the last three months.

Reddit Stock Down 5.3 %

Shares of Reddit stock opened at $112.98 on Friday. The stock’s fifty day moving average is $70.13 and its 200-day moving average is $62.27. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $123.60.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping 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 return on equity of 40.54% and a negative net margin of 47.83%. Reddit’s revenue for the quarter was up 67.9% compared to the same quarter last year. As a group, sell-side analysts predict that Reddit, Inc. will post -4.05 EPS for the current fiscal year.

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.