Destiny Wealth Partners LLC Has $4.29 Million Stake in Reddit, Inc. (NYSE:RDDT)

Destiny Wealth Partners LLC lessened its stake in Reddit, Inc. (NYSE:RDDT - Free Report) by 35.4% in the 1st quarter, according to the company in its most recent filing with the SEC. 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 reporting period.

Several other hedge funds have also recently modified their holdings of RDDT. Plato Investment Management Ltd purchased a new position in shares of Reddit during the 4th quarter worth $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit during the 4th quarter worth about $28,000. Farmers & Merchants Investments Inc. purchased a new stake in shares of Reddit in the 4th quarter valued at approximately $33,000. Bogart Wealth LLC purchased a new position in shares of Reddit in the 4th quarter valued at about $33,000. Finally, Spire Wealth Management acquired a new stake in Reddit during the fourth quarter worth approximately $35,000.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Citigroup raised their price target on Reddit from $150.00 to $158.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. The Goldman Sachs Group upped their price objective on Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Bank of America dropped their price objective on Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research report on Wednesday, April 9th. Morgan Stanley cut their target price on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Finally, Sanford C. Bernstein raised shares of Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price target on the stock in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $139.35.

Reddit Stock Up 0.9%

Shares of RDDT traded up $1.00 during trading hours on Thursday, reaching $116.03. The company's stock had a trading volume of 4,817,072 shares, compared to its average volume of 6,254,918. The company has a 50 day moving average of $107.82 and a two-hundred day moving average of $143.08. The firm has a market cap of $21.41 billion, a price-to-earnings ratio of -15.01, a P/E/G ratio of 4.72 and a beta of 1.99. Reddit, Inc. has a 1-year low of $49.13 and a 1-year high of $230.41.

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

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $110.05, for a total transaction of $1,540,700.00. Following the completion of the transaction, the chief executive officer now directly owns 560,133 shares in the company, valued at $61,642,636.65. This represents a 2.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Michelle Marie Reynolds sold 2,729 shares of Reddit stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $98.85, for a total value of $269,761.65. Following the sale, the chief accounting officer now directly owns 42,277 shares in the company, valued at $4,179,081.45. The trade was a 6.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 677,875 shares of company stock valued at $76,732,994 over the last 90 days. 34.25% of the stock is currently owned by company insiders.

Reddit 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.