Sigma Planning Corp Buys New Holdings in Reddit, Inc. (NYSE:RDDT)

Sigma Planning Corp bought a new stake in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 10,052 shares of the company’s stock, valued at approximately $1,643,000.

Several other hedge funds have also bought and sold shares of RDDT. FMR LLC lifted its stake in Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $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. Point72 Asset Management L.P. lifted its stake in Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after purchasing an additional 2,225,895 shares during the last quarter. Holocene Advisors LP lifted its stake in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares during the last quarter. Finally, Lord Abbett & CO. LLC lifted its stake in Reddit by 1,519.4% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after purchasing an additional 1,548,450 shares during the last quarter.

Insider Activity at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $187.72, for a total value of $6,257,270.76. Following the sale, the chief operating officer now owns 1,504,297 shares in the company, valued at $282,386,632.84. This trade represents a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.20, for a total transaction of $2,466,800.00. Following the completion of the sale, the chief executive officer now owns 620,971 shares in the company, valued at $109,415,090.20. This represents a 2.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 200,000 shares of company stock valued at $35,360,328 over the last three months.

Reddit Price Performance

Shares of NYSE:RDDT opened at $166.27 on Monday. The company’s 50 day simple moving average is $184.13 and its 200 day simple moving average is $124.17. The stock has a market capitalization of $30.08 billion and a price-to-earnings ratio of -21.51. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating 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%. As a group, analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on RDDT shares. Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Roth Mkm downgraded shares of Reddit from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. 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 research report on Tuesday, January 14th. Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research report on Thursday, February 6th. Finally, B. Riley raised their price objective on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. 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 assigned a strong buy rating to the company. According to MarketBeat, Reddit currently has a consensus 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.