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

SG Americas Securities LLC purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the first quarter, according to the company in its most recent filing with the SEC. The fund purchased 11,493 shares of the company’s stock, valued at approximately $1,206,000.

Other hedge funds have also added to or reduced their stakes in the company. Proficio Capital Partners LLC lifted its position in shares of Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after buying an additional 120 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after purchasing an additional 147 shares during the period. Plato Investment Management Ltd purchased a new stake in Reddit in the fourth quarter worth $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit in the fourth quarter worth $28,000. Finally, Scotia Capital Inc. increased its position in Reddit by 5.5% in the fourth quarter. Scotia Capital Inc. now owns 3,500 shares of the company’s stock worth $572,000 after buying an additional 182 shares during the last quarter.

Analyst Ratings Changes

RDDT has been the topic of a number of analyst reports. Loop Capital lowered their target price on shares of Reddit from $210.00 to $200.00 and set a “buy” rating on the stock in a report on Thursday, June 12th. JPMorgan Chase & Co. decreased their price target on shares of Reddit from $185.00 to $110.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Truist Financial began coverage on shares of Reddit in a report on Monday, April 7th. They issued a “buy” rating and a $150.00 price target on the stock. Bank of America decreased their price target on shares of Reddit from $190.00 to $110.00 and set a “neutral” rating on the stock in a report on Wednesday, April 9th. Finally, Guggenheim cut their target price on shares of Reddit from $170.00 to $165.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $139.35.

Insider Transactions at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 2,729 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $98.85, for a total transaction of $269,761.65. Following the transaction, the chief accounting officer now owns 42,277 shares in the company, valued at approximately $4,179,081.45. This represents a 6.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Andrew Vollero sold 100,000 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the transaction, the chief financial officer now owns 499,295 shares of the company’s stock, valued at $61,952,523.60. This represents a 16.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 520,134 shares of company stock valued at $56,714,433. Company insiders own 34.25% of the company’s stock.

Reddit Trading Up 6.9%

Shares of NYSE:RDDT opened at $126.33 on Tuesday. The company has a market capitalization of $23.31 billion, a price-to-earnings ratio of -16.34, a PEG ratio of 4.72 and a beta of 1.99. Reddit, Inc. has a 12 month low of $49.13 and a 12 month high of $230.41. The firm’s 50-day moving average is $109.63 and its 200 day moving average is $142.72.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The company had revenue of $392.36 million during the quarter, compared to analysts’ expectations of $370.55 million. During the same period in the previous year, the company earned ($8.19) EPS. The firm’s quarterly revenue was up 61.5% on a year-over-year basis. As a group, equities analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

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.