Focus Financial Network Inc. Sells 23,923 Shares of Reddit, Inc. (NYSE:RDDT)

Focus Financial Network Inc. trimmed its position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 76.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,473 shares of the company's stock after selling 23,923 shares during the period. Focus Financial Network Inc.'s holdings in Reddit were worth $784,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. FMR LLC lifted its position in shares of Reddit by 7.5% in the fourth quarter. FMR LLC now owns 13,070,780 shares of the company's stock worth $2,136,288,000 after buying an additional 913,189 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after acquiring an additional 5,950,909 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after purchasing an additional 2,537,768 shares during the last quarter. Lord Abbett & CO. LLC boosted its position in Reddit by 12.8% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock worth $304,325,000 after purchasing an additional 211,636 shares during the period. Finally, Brooklyn FI LLC acquired a new position in Reddit during the fourth quarter valued at approximately $303,082,000.

Reddit Trading Up 1.6%

NYSE RDDT traded up $1.85 during trading hours on Friday, reaching $118.05. 6,495,666 shares of the company's stock were exchanged, compared to its average volume of 6,267,183. The firm has a fifty day moving average of $108.28 and a 200-day moving average of $142.90. Reddit, Inc. has a one year low of $49.13 and a one year high of $230.41. The stock has a market cap of $21.78 billion, a PE ratio of -15.27, a price-to-earnings-growth ratio of 4.72 and a beta of 1.99.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.02 by $0.11. The company had revenue of $392.36 million for the quarter, compared to analysts' expectations 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 revenue for the quarter was up 61.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($8.19) earnings per share. As a group, research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $103.28, for a total value of $1,445,920.00. Following the transaction, the chief executive officer now directly owns 577,013 shares of the company's stock, valued at approximately $59,593,902.64. This trade represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the sale, the chief operating officer now directly owns 1,466,119 shares of the company's stock, valued at $137,800,524.81. This represents a 2.22% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 553,467 shares of company stock worth $60,888,391. Corporate insiders own 34.25% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on RDDT shares. Oppenheimer started coverage on shares of Reddit in a report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price objective for the company. B. Riley reaffirmed a "buy" rating and issued a $220.00 price target (down from $222.00) on shares of Reddit in a research 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 research report on Friday, May 2nd. Sanford C. Bernstein upgraded Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 target price for the company in a research note on Friday, May 2nd. Finally, Redburn Partners set a $75.00 target price on shares of Reddit in a research report on Monday, March 17th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average 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.