Focus Financial Network Inc. Has $784,000 Position in Reddit, Inc. (NYSE:RDDT)

Focus Financial Network Inc. decreased its holdings in Reddit, Inc. (NYSE:RDDT - Free Report) by 76.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,473 shares of the company's stock after selling 23,923 shares during the quarter. Focus Financial Network Inc.'s holdings in Reddit were worth $784,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Plato Investment Management Ltd acquired a new stake in shares of Reddit during the 4th quarter worth about $27,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Reddit during the 4th quarter worth about $28,000. Bogart Wealth LLC acquired a new stake in shares of Reddit during the 4th quarter worth about $33,000. Allworth Financial LP increased its position in shares of Reddit by 970.0% during the 4th quarter. Allworth Financial LP now owns 214 shares of the company's stock worth $35,000 after purchasing an additional 194 shares in the last quarter. Finally, Kestra Investment Management LLC bought a new stake in Reddit during the 4th quarter worth about $38,000.

Reddit Price Performance

RDDT traded up $8.15 during trading on Monday, reaching $126.33. The company had a trading volume of 8,117,444 shares, compared to its average volume of 6,290,988. Reddit, Inc. has a 12 month low of $49.13 and a 12 month high of $230.41. The business's fifty day moving average price is $109.63 and its 200 day moving average price is $142.72. The company has a market cap of $23.31 billion, a P/E ratio of -16.34, a PEG 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 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The firm had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same quarter in the previous year, the firm posted ($8.19) earnings per share. The business's revenue was up 61.5% on a year-over-year basis. As a group, sell-side analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 6,854 shares of the company's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $98.42, for a total transaction of $674,570.68. Following the sale, the insider now directly owns 99,277 shares of the company's stock, valued at approximately $9,770,842.34. This represents a 6.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 11,000 shares of the company's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $124.08, for a total transaction of $1,364,880.00. Following the sale, the chief technology officer now directly owns 281,213 shares in the company, valued at $34,892,909.04. This trade represents a 3.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 520,134 shares of company stock valued at $56,714,433. 34.25% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

RDDT has been the topic of a number of research analyst reports. Robert W. Baird decreased their price objective on shares of Reddit from $140.00 to $120.00 and set a "neutral" rating on the stock in a report on Wednesday, May 21st. Morgan Stanley decreased their price objective on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Needham & Company LLC increased their price objective on shares of Reddit from $135.00 to $145.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Piper Sandler reissued an "overweight" rating and set a $150.00 price objective (up previously from $140.00) on shares of Reddit in a report on Friday, May 2nd. Finally, JMP Securities reissued a "market outperform" rating and set a $180.00 price objective on shares of Reddit in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $139.35.

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.