Reddit, Inc. (NYSE:RDDT) Shares Bought by Proficio Capital Partners LLC

Proficio Capital Partners LLC lifted its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 2.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,908 shares of the company’s stock after acquiring an additional 120 shares during the period. Proficio Capital Partners LLC’s holdings in Reddit were worth $966,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Atria Investments Inc acquired a new position in Reddit during the fourth quarter worth approximately $467,000. Assetmark Inc. increased its position in Reddit by 1,537,566.7% during the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock worth $7,539,000 after buying an additional 46,127 shares during the period. SWS Partners purchased a new position in shares of Reddit in the 4th quarter valued at approximately $409,000. Charles Schwab Investment Management Inc. grew its stake in shares of Reddit by 27.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after purchasing an additional 139,135 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC grew its stake in shares of Reddit by 29.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,086 shares of the company’s stock valued at $177,000 after purchasing an additional 244 shares during the last quarter.

Reddit Stock Up 6.2 %

NYSE:RDDT opened at $115.46 on Friday. The company has a market cap of $20.89 billion and a P/E ratio of -14.94. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The firm’s 50 day moving average is $171.19 and its two-hundred day moving average is $134.62.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 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%. Research analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 92,299 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the transaction, the insider now directly owns 115,001 shares of the company’s stock, valued at $18,095,407.35. This trade represents a 44.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares in the company, valued at approximately $101,577,760.02. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 503,794 shares of company stock valued at $78,350,874.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. JMP Securities lifted their target price on Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a research note on Thursday, February 13th. Piper Sandler lifted their price target on Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. JPMorgan Chase & Co. lifted their price target on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Redburn Partners set a $75.00 target price on Reddit in a research report on Monday. Finally, The Goldman Sachs Group boosted their target price on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Two analysts have rated the stock with a sell rating, nine have given 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 “Hold” and an average target price of $162.68.

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.