Sigma Planning Corp Buys Shares of 10,052 Reddit, Inc. (NYSE:RDDT)

Sigma Planning Corp acquired a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 10,052 shares of the company's stock, valued at approximately $1,643,000.

Several other large investors have also modified their holdings of the stock. FMR LLC raised its stake in shares of Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company's stock worth $801,428,000 after purchasing an additional 9,139,196 shares during the last quarter. Jennison Associates LLC acquired a new stake in Reddit in the 4th quarter valued at about $494,861,000. Holocene Advisors LP increased its stake in shares of Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock worth $198,154,000 after purchasing an additional 1,923,109 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in shares of Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company's stock valued at $151,357,000 after acquiring an additional 2,225,895 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its holdings in shares of Reddit by 1,519.4% during the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company's stock worth $108,792,000 after buying an additional 1,548,450 shares in the last quarter.

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction on Friday, November 29th. The stock was sold at an average price of $141.79, for a total transaction of $1,985,060.00. Following the completion of the transaction, the chief executive officer now owns 634,971 shares of the company's stock, valued at approximately $90,032,538.09. This trade represents a 2.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Andrew Vollero sold 48,122 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the transaction, the chief financial officer now owns 599,295 shares of the company's stock, valued at approximately $97,565,226. The trade was a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 289,122 shares of company stock worth $50,007,590 in the last ninety days.

Reddit Stock Down 5.1 %

RDDT traded down $8.65 on Thursday, hitting $159.45. The company's stock had a trading volume of 5,337,749 shares, compared to its average volume of 6,073,391. The company's 50 day simple moving average is $183.83 and its 200-day simple moving average is $125.99. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The firm has a market cap of $28.84 billion and a P/E ratio of -20.63.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Equities analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several research analyst reports. Robert W. Baird upped their price target on shares of Reddit from $160.00 to $185.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. JMP Securities upped their price objective on shares of Reddit from $190.00 to $200.00 and gave the company a "market outperform" rating in a research report on Thursday, February 13th. The Goldman Sachs Group raised their price objective on shares of Reddit from $105.00 to $176.00 and gave the stock a "neutral" rating in a report on Tuesday, January 14th. Jefferies Financial Group boosted their target price on shares of Reddit from $120.00 to $175.00 and gave the company a "buy" rating in a research note on Monday, November 25th. Finally, Roth Mkm downgraded Reddit from a "buy" rating to a "neutral" rating and lifted their target price for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $175.95.

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.