Destiny Wealth Partners LLC Sells 22,382 Shares of Reddit, Inc. (NYSE:RDDT)

Destiny Wealth Partners LLC trimmed its stake in Reddit, Inc. (NYSE:RDDT - Free Report) by 35.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 40,856 shares of the company's stock after selling 22,382 shares during the quarter. Destiny Wealth Partners LLC's holdings in Reddit were worth $4,286,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in RDDT. Blue Trust Inc. bought a new position in shares of Reddit during the fourth quarter valued at $59,000. Spire Wealth Management bought a new position in shares of Reddit during the fourth quarter valued at $35,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Reddit during the fourth quarter valued at $4,330,000. Apollon Wealth Management LLC bought a new position in shares of Reddit during the fourth quarter valued at $566,000. Finally, Kingsview Wealth Management LLC lifted its holdings in shares of Reddit by 4.5% during the fourth quarter. Kingsview Wealth Management LLC now owns 3,986 shares of the company's stock valued at $651,000 after purchasing an additional 171 shares in the last quarter.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RDDT. JMP Securities reaffirmed a "market outperform" rating and set a $180.00 price target on shares of Reddit in a report on Friday, May 2nd. Raymond James reduced their price objective on Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research report on Wednesday, March 12th. Needham & Company LLC upped their price objective on Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Truist Financial initiated coverage on Reddit in a research report on Monday, April 7th. They set a "buy" rating and a $150.00 price objective for the company. Finally, Roth Capital reiterated a "neutral" rating on shares of Reddit in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $139.78.

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 124,408 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $127.36, for a total value of $15,844,602.88. Following the completion of the sale, the chief executive officer now directly owns 583,515 shares of the company's stock, valued at $74,316,470.40. This trade represents a 17.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David C. Habiger acquired 774 shares of the stock in a transaction dated Wednesday, March 12th. The stock was bought at an average cost of $130.36 per share, with a total value of $100,898.64. Following the completion of the purchase, the director now directly owns 30,808 shares in the company, valued at approximately $4,016,130.88. The trade was a 2.58% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 677,875 shares of company stock valued at $76,732,994. Insiders own 34.25% of the company's stock.

Reddit Trading Up 8.0%

NYSE:RDDT opened at $121.19 on Monday. Reddit, Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The stock has a 50-day moving average price of $106.67 and a 200 day moving average price of $143.66. The stock has a market capitalization of $22.36 billion, a P/E ratio of -15.68, a P/E/G ratio of 4.72 and a beta of 1.99.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The company had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. During the same period in the prior year, the company earned ($8.19) earnings per share. The firm's revenue was up 61.5% on a year-over-year basis. On average, research analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

About Reddit

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.

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