Focus Partners Wealth Invests $1.19 Million in Reddit, Inc. (NYSE:RDDT)

Focus Partners Wealth bought a new position in Reddit, Inc. (NYSE:RDDT - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 7,259 shares of the company's stock, valued at approximately $1,186,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. FMR LLC boosted its stake in 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 in the last quarter. Vanguard Group Inc. boosted its stake in Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after buying an additional 5,950,909 shares in the last quarter. Jennison Associates LLC purchased a new stake in Reddit in the fourth quarter worth approximately $494,861,000. Alliancebernstein L.P. boosted its stake in Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after buying an additional 2,537,768 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its stake in Reddit by 12.8% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock worth $304,325,000 after buying an additional 211,636 shares in the last quarter.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 26,000 shares of the stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $98.43, for a total value of $2,559,180.00. Following the completion of the transaction, the chief technology officer now owns 251,373 shares in the company, valued at approximately $24,742,644.39. This represents a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the transaction, the insider now owns 115,001 shares of the company's stock, valued at approximately $18,095,407.35. This trade represents a 44.52% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 851,261 shares of company stock worth $105,096,214.

Analyst Ratings Changes

RDDT has been the subject of several research reports. Loop Capital reaffirmed a "buy" rating and issued a $210.00 target price on shares of Reddit in a research note on Tuesday, March 11th. Bank of America lowered 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. Redburn Partners set a $75.00 price objective on Reddit in a research report on Monday, March 17th. Wells Fargo & Company set a $115.00 price objective on Reddit and gave the company an "equal weight" rating in a research report on Monday. Finally, Sanford C. Bernstein upgraded Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price objective for the company in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Reddit has an average rating of "Moderate Buy" and an average price target of $140.45.

Reddit Stock Performance

Shares of Reddit stock traded up $2.71 during midday trading on Friday, reaching $101.03. 6,742,771 shares of the company's stock traded hands, compared to its average volume of 6,054,228. The company has a market cap of $18.64 billion, a PE ratio of -13.07, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90. The stock has a 50 day moving average of $107.27 and a 200-day moving average of $145.03. Reddit, Inc. has a 12 month low of $49.13 and a 12 month high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last announced its 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. 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 firm's revenue for the quarter was up 61.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($8.19) earnings per share. On average, equities analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

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.