Proficio Capital Partners LLC Purchases 959,816 Shares of Reddit, Inc. (NYSE:RDDT)

Proficio Capital Partners LLC boosted its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 16,582.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 965,604 shares of the company’s stock after buying an additional 959,816 shares during the period. Proficio Capital Partners LLC’s holdings in Reddit were worth $157,818,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of RDDT. Ridgewood Investments LLC boosted its stake in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. acquired a new stake in shares of Reddit during the 4th quarter worth approximately $33,000. Bogart Wealth LLC bought a new stake in shares of Reddit during the 4th quarter valued at $33,000. Allworth Financial LP increased its holdings in Reddit by 970.0% in the fourth quarter. Allworth Financial LP now owns 214 shares of the company’s stock valued at $35,000 after purchasing an additional 194 shares during the last quarter. Finally, Spire Wealth Management bought a new stake in shares of Reddit in the 4th quarter valued at about $35,000.

Reddit Trading Up 5.0 %

Shares of RDDT opened at $168.05 on Thursday. The stock has a market capitalization of $30.40 billion and a price-to-earnings ratio of -21.74. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The firm has a fifty day simple moving average of $183.83 and a 200 day simple moving average of $125.99.

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

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 634,971 shares of the company’s stock, valued at $90,032,538.09. This trade represents a 2.16 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Christopher Brian Slowe sold 21,000 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $3,418,800.00. Following the transaction, the chief technology officer now owns 281,213 shares in the company, valued at $45,781,476.40. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 289,122 shares of company stock valued at $50,007,590.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Raymond James lifted their price objective on shares of Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a research note on Monday, February 10th. Robert W. Baird boosted their price target on shares of Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Sanford C. Bernstein upped their price objective on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. Piper Sandler lifted their target price on Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Finally, Loop Capital increased their price target on Reddit from $180.00 to $210.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $175.95.

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.