Sigma Planning Corp Purchases 6,747 Shares of Reddit Inc. (NYSE:RDDT)

Sigma Planning Corp increased its holdings in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 67.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,799 shares of the company's stock after buying an additional 6,747 shares during the quarter. Sigma Planning Corp's holdings in Reddit were worth $1,762,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Signaturefd LLC raised its position in Reddit by 3.5% during the first quarter. Signaturefd LLC now owns 2,859 shares of the company's stock valued at $300,000 after acquiring an additional 97 shares in the last quarter. Proficio Capital Partners LLC lifted its stake in shares of Reddit by 2.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock valued at $966,000 after buying an additional 120 shares during the period. CWM LLC lifted its position in shares of Reddit by 100.0% in the 1st quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after acquiring an additional 128 shares during the period. Farther Finance Advisors LLC boosted its stake in Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after buying an additional 147 shares in the last quarter. Finally, EverSource Wealth Advisors LLC acquired a new stake in shares of Reddit during the 4th quarter valued at about $28,000.

Reddit Stock Down 0.4%

Shares of RDDT traded down $0.57 during midday trading on Wednesday, reaching $144.23. 5,845,075 shares of the stock were exchanged, compared to its average volume of 6,706,311. The stock's 50 day simple moving average is $125.72 and its 200 day simple moving average is $140.06. The company has a market cap of $26.61 billion, a P/E ratio of 244.46, a PEG ratio of 3.76 and a beta of 2.33. Reddit Inc. has a twelve month low of $49.13 and a twelve month high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The firm had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. During the same quarter in the previous year, the firm posted ($8.19) EPS. The business's revenue for the quarter was up 61.5% compared to the same quarter last year. As a group, analysts predict that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Activity at Reddit

In other news, CFO Andrew Vollero sold 30,000 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $117.64, for a total value of $3,529,200.00. Following the completion of the transaction, the chief financial officer owned 333,806 shares of the company's stock, valued at approximately $39,268,937.84. This represents a 8.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $151.35, for a total transaction of $2,118,900.00. Following the completion of the sale, the chief executive officer owned 539,631 shares in the company, valued at $81,673,151.85. This represents a 2.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 459,543 shares of company stock worth $54,442,014 in the last quarter. 34.25% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RDDT. Guggenheim reaffirmed a "buy" rating and issued a $165.00 price target on shares of Reddit in a research note on Tuesday, June 24th. JMP Securities reissued a "market outperform" rating and issued a $180.00 target price on shares of Reddit in a research note on Friday, May 2nd. Sanford C. Bernstein raised shares of Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price target for the company in a research note on Friday, May 2nd. Needham & Company LLC upped their price objective on Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Finally, B. Riley reiterated a "buy" rating and issued a $220.00 target price (down from $222.00) on shares of Reddit in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $141.04.

Reddit Company 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.