Sigma Planning Corp Invests $1.64 Million in Reddit, Inc. (NYSE:RDDT)

Sigma Planning Corp purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 10,052 shares of the company’s stock, valued at approximately $1,643,000.

A number of other hedge funds also recently modified their holdings of RDDT. Ridgewood Investments LLC boosted its position in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares during the last quarter. UMB Bank n.a. boosted its position in shares of Reddit by 10.8% during the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after purchasing an additional 150 shares in the last quarter. Foundations Investment Advisors LLC boosted its position in shares of Reddit by 3.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after purchasing an additional 155 shares in the last quarter. Kingsview Wealth Management LLC boosted its position in shares of Reddit by 4.5% during the 4th quarter. Kingsview Wealth Management LLC now owns 3,986 shares of the company’s stock worth $651,000 after purchasing an additional 171 shares in the last quarter. Finally, Allworth Financial LP boosted 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 purchasing an additional 194 shares in the last quarter.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Friday, November 29th. The shares were sold at an average price of $141.79, for a total value of $1,985,060.00. Following the transaction, the chief executive officer now owns 634,971 shares in the company, valued at $90,032,538.09. This trade represents a 2.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $187.72, for a total transaction of $6,257,270.76. Following the completion of the transaction, the chief operating officer now owns 1,504,297 shares in the company, valued at approximately $282,386,632.84. The trade was a 2.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 200,000 shares of company stock worth $35,360,328 in the last 90 days.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of analyst reports. Roth Mkm lowered shares of Reddit from a “buy” rating to a “neutral” rating and upped their target price for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. Bank of America upped their target price on shares of Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Robert W. Baird upped their target price on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. JMP Securities upped their target price on shares of Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a report on Thursday, February 13th. Finally, Jefferies Financial Group upped their target price on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $175.95.

Reddit Stock Performance

Reddit stock opened at $166.27 on Monday. The firm’s fifty day moving average price is $184.13 and its 200-day moving average price is $124.17. The stock has a market cap of $30.08 billion and a P/E ratio of -21.51. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current 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.