Masso Torrence Wealth Management Inc. Buys 2,263 Shares of Reddit Inc. (NYSE:RDDT)

Masso Torrence Wealth Management Inc. lifted its stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 92.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,711 shares of the company's stock after purchasing an additional 2,263 shares during the quarter. Masso Torrence Wealth Management Inc.'s holdings in Reddit were worth $494,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock valued at $105,003,000 after purchasing an additional 139,135 shares during the last quarter. Assetmark Inc. grew its holdings in shares of Reddit by 1,537,566.7% during the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company's stock valued at $7,539,000 after purchasing an additional 46,127 shares during the last quarter. Chung Wu Investment Group LLC bought a new stake in shares of Reddit during the 4th quarter valued at approximately $327,000. Proficio Capital Partners LLC grew its holdings in shares of Reddit by 16,582.9% during the 4th quarter. Proficio Capital Partners LLC now owns 965,604 shares of the company's stock valued at $157,818,000 after purchasing an additional 959,816 shares during the last quarter. Finally, EPIQ Capital Group LLC bought a new stake in shares of Reddit during the 4th quarter valued at approximately $26,658,000.

Reddit Stock Down 1.1%

Shares of NYSE RDDT opened at $139.58 on Friday. The firm has a market cap of $25.76 billion, a PE ratio of 236.59, a P/E/G ratio of 3.57 and a beta of 1.99. Reddit Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The company's fifty day simple moving average is $112.26 and its 200 day simple moving average is $142.49.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.02 by $0.11. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The company had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. During the same period last year, the business posted ($8.19) EPS. The firm's revenue for the quarter was up 61.5% compared to the same quarter last year. On average, equities analysts predict that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Activity at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 909 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $125.00, for a total transaction of $113,625.00. Following the transaction, the chief accounting officer now owns 41,368 shares in the company, valued at approximately $5,171,000. This represents a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 100,000 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 $12,408,000.00. Following the transaction, the chief financial officer now owns 499,295 shares in the company, valued at approximately $61,952,523.60. The trade was a 16.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold 708,785 shares of company stock valued at $79,988,250 in the last three months. Corporate insiders own 34.25% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RDDT shares. The Goldman Sachs Group boosted their target price on shares of Reddit from $124.00 to $140.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. B. Riley reissued a "buy" rating and set a $220.00 target price (down from $222.00) on shares of Reddit in a report on Friday, May 2nd. Redburn Atlantic started coverage on shares of Reddit in a report on Monday, March 17th. They set a "sell" rating and a $75.00 target price on the stock. Robert W. Baird reduced their target price 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. Finally, Raymond James Financial reduced their target price on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a report on Wednesday, March 12th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $139.35.

Reddit Company 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.

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