Proficio Capital Partners LLC Invests $382,000 in Reddit, Inc. (NYSE:RDDT)

Proficio Capital Partners LLC purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 5,788 shares of the company's stock, valued at approximately $382,000.

Other institutional investors also recently bought and sold shares of the company. BNP Paribas Financial Markets purchased a new position in Reddit during the first quarter valued at approximately $37,000. Whittier Trust Co. acquired a new stake in shares of Reddit in the third quarter worth approximately $42,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Reddit in the second quarter worth approximately $78,000. Sandia Investment Management LP acquired a new stake in shares of Reddit in the first quarter worth approximately $79,000. Finally, UMB Bank n.a. acquired a new stake in shares of Reddit in the second quarter worth approximately $88,000.

Reddit Price Performance

Shares of RDDT stock traded down $5.57 on Monday, hitting $129.23. The stock had a trading volume of 5,676,255 shares, compared to its average volume of 4,886,961. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $139.04. The company's 50 day moving average price is $76.67 and its 200-day moving average price is $65.31.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The business's quarterly revenue was up 67.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Reddit, Inc. will post -3.63 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Loop Capital lifted their price target on Reddit from $80.00 to $90.00 and gave the stock a "buy" rating in a research note on Friday, October 25th. JMP Securities boosted their price objective on Reddit from $84.00 to $118.00 and gave the stock a "market outperform" rating in a research note on Wednesday, October 30th. Piper Sandler reissued an "overweight" rating and set a $115.00 price objective (up previously from $70.00) on shares of Reddit in a research note on Wednesday, October 30th. Morgan Stanley boosted their price objective on Reddit from $63.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. boosted their price objective on Reddit from $59.00 to $77.00 and gave the stock a "neutral" rating in a research note on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Reddit currently has a consensus rating of "Moderate Buy" and a consensus price target of $89.72.

Insiders Place Their Bets

In other Reddit news, CFO Andrew Vollero sold 11,287 shares of the company's stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total transaction of $722,368.00. Following the sale, the chief financial officer now owns 840,379 shares in the company, valued at $53,784,256. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Reddit news, CAO Michelle Marie Reynolds sold 12,000 shares of the company's stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total transaction of $648,000.00. Following the completion of the sale, the chief accounting officer now directly owns 71,162 shares of the company's stock, valued at $3,842,748. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Andrew Vollero sold 11,287 shares of the company's stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total value of $722,368.00. Following the sale, the chief financial officer now directly owns 840,379 shares of the company's stock, valued at approximately $53,784,256. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 364,327 shares of company stock worth $23,298,794 in the last quarter.

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.