Sigma Planning Corp Sells 4,771 Shares of Reddit Inc. $RDDT

Sigma Planning Corp trimmed its holdings in Reddit Inc. (NYSE:RDDT) by 71.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,896 shares of the company’s stock after selling 4,771 shares during the period. Sigma Planning Corp’s holdings in Reddit were worth $255,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. NewEdge Advisors LLC raised its stake in Reddit by 143.3% during the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after purchasing an additional 4,701 shares during the period. Empowered Funds LLC bought a new position in Reddit in the 1st quarter worth approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Reddit by 106.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after buying an additional 111,780 shares in the last quarter. Focus Partners Wealth grew its holdings in Reddit by 40.8% during the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock valued at $1,073,000 after buying an additional 2,965 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its position in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after buying an additional 286 shares during the last quarter.

Reddit News Summary

Here are the key news stories impacting Reddit this week:

• Negative Sentiment: Investors are worried Reddit could restrict Google’s access to its content for AI training, creating uncertainty around a key licensing agreement and raising questions about future monetization. Reddit stock sinks on report it may not renew Google AI content deal
• Negative Sentiment: The market also sees a risk that Google’s AI-generated overviews could reduce traffic referrals to Reddit, which would be a headwind for ad-driven engagement and revenue growth. Reddit stock plunges on report of possible Google content restrictions
• Negative Sentiment: Technical pressure is adding to the selloff, with the stock falling below key moving averages and momentum weakening ahead of Reddit’s next earnings report on July 30. Reddit stock sinks below key moving averages as momentum fades
• Neutral Sentiment: Recent commentary also notes that no new filing or operating update appears to be driving the move, suggesting this is mainly a sentiment-driven reaction to the Google/AI licensing narrative. Reddit slides as Google AI data-deal uncertainty revives traffic worries

Insider Activity

In related news, COO Jennifer L. Wong sold 39,166 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total value of $6,930,032.04. Following the completion of the transaction, the chief operating officer owned 1,050,339 shares of the company’s stock, valued at approximately $185,846,982.66. This trade represents a 3.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $173.13, for a total value of $3,116,340.00. Following the completion of the transaction, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $64,718,417.82. This represents a 4.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 169,141 shares of company stock worth $28,680,845. 28.48% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on RDDT shares. Zacks Research lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Citizens Jmp reduced their price target on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a report on Friday, May 1st. Citigroup reiterated a “market outperform” rating on shares of Reddit in a research note on Tuesday, May 26th. Wells Fargo & Company increased their price objective on shares of Reddit from $176.00 to $187.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. Finally, Needham & Company LLC restated a “buy” rating and set a $300.00 price objective on shares of Reddit in a research report on Wednesday, June 24th. Nineteen analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $232.48.

Reddit Stock Performance

Shares of RDDT opened at $170.38 on Thursday. The company’s fifty day moving average is $174.21 and its 200 day moving average is $168.20. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95. The stock has a market capitalization of $32.80 billion, a PE ratio of 48.68 and a beta of 1.93.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. During the same quarter last year, the business earned $0.13 earnings per share. Reddit’s quarterly revenue was up 69.1% compared to the same quarter last year. As a group, research analysts forecast that Reddit Inc. will post 4.85 earnings per share for the current year.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.