SG Americas Securities LLC Takes $1.21 Million Position in Reddit Inc. (NYSE:RDDT)

SG Americas Securities LLC bought a new position in Reddit Inc. (NYSE:RDDT - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm bought 11,493 shares of the company's stock, valued at approximately $1,206,000.

A number of other institutional investors also recently bought and sold shares of RDDT. Plato Investment Management Ltd acquired a new position in Reddit in the fourth quarter valued at approximately $27,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit during the 4th quarter worth approximately $28,000. Allworth Financial LP lifted its position in shares of Reddit by 970.0% during the 4th quarter. Allworth Financial LP now owns 214 shares of the company's stock worth $35,000 after buying an additional 194 shares during the last quarter. Kestra Investment Management LLC acquired a new position in shares of Reddit in the 4th quarter valued at $38,000. Finally, Tucker Asset Management LLC purchased a new position in shares of Reddit in the 4th quarter valued at $39,000.

Reddit Price Performance

Shares of Reddit stock traded up $4.60 during trading on Wednesday, hitting $138.44. The stock had a trading volume of 5,116,209 shares, compared to its average volume of 6,374,119. The business has a fifty day moving average of $110.09 and a two-hundred day moving average of $142.66. Reddit Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The firm has a market cap of $25.54 billion, a P/E ratio of 234.73, a PEG ratio of 3.24 and a beta of 1.99.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RDDT. Roth Capital restated a "neutral" rating on shares of Reddit in a research report on Friday, May 2nd. Roth Mkm upped their price objective on Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Oppenheimer assumed coverage on Reddit in a report on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 target price for the company. Wall Street Zen raised shares of Reddit from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Redburn Atlantic started coverage on shares of Reddit in a report on Monday, March 17th. They set a "sell" rating and a $75.00 price objective on the stock. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Reddit currently has a consensus rating of "Moderate Buy" and a consensus target price of $139.35.

Insider Transactions at Reddit

In related news, CAO Michelle Marie Reynolds sold 2,729 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $98.85, for a total transaction of $269,761.65. Following the completion of the sale, the chief accounting officer now owns 42,277 shares in the company, valued at $4,179,081.45. This trade represents a 6.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the completion of the transaction, the chief executive officer now owns 577,013 shares in the company, valued at approximately $59,593,902.64. This trade represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 550,134 shares of company stock valued at $60,243,633 over the last three months. 34.25% of the stock is owned by corporate insiders.

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.