Reddit Inc. $RDDT Shares Sold by Focus Financial Network Inc.

Key Points

• Focus Financial Network trimmed its stake in Reddit by 42.9% in Q4, selling 9,863 shares and retaining 13,102 shares valued at about $3.01 million.
• Reddit beat Q4 expectations, reporting $1.24 EPS versus $0.96 expected and revenue of $725.6M (up 69.7% year-over-year) with a 24.05% net margin.
• Significant insider selling occurred recently—COO sold 33,507 shares and the CTO 19,036 shares, with insiders selling 355,078 shares (~$65.4M) over the last three months, though insiders still own 34.25% of the company.

Focus Financial Network Inc. trimmed its stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 42.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,102 shares of the company's stock after selling 9,863 shares during the quarter. Focus Financial Network Inc.'s holdings in Reddit were worth $3,012,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in RDDT. Raiffeisen Bank International AG bought a new position in shares of Reddit in the third quarter valued at approximately $25,000. GW&K Investment Management LLC bought a new stake in Reddit during the third quarter worth approximately $30,000. Cornerstone Planning Group LLC raised its holdings in Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company's stock worth $31,000 after purchasing an additional 135 shares in the last quarter. Noble Wealth Management PBC acquired a new stake in Reddit in the fourth quarter worth approximately $34,000. Finally, Geneos Wealth Management Inc. lifted its position in Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock worth $39,000 after purchasing an additional 286 shares during the period.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $139.61 on Thursday. The company has a market capitalization of $26.67 billion, a PE ratio of 53.28, a price-to-earnings-growth ratio of 0.99 and a beta of 2.40. The stock has a fifty day moving average of $159.88 and a 200-day moving average of $200.15. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.96 by $0.28. The business had revenue of $725.61 million for the quarter, compared to analysts' expectations of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The company's quarterly revenue was up 69.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.36 EPS. As a group, research analysts forecast that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RDDT has been the topic of several research analyst reports. Truist Financial lifted their price target on Reddit from $270.00 to $275.00 and gave the company a "buy" rating in a research report on Friday, February 6th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $285.00 price objective on shares of Reddit in a report on Tuesday, January 20th. The Goldman Sachs Group lowered their target price on Reddit from $236.00 to $206.00 and set a "neutral" rating on the stock in a report on Friday, February 6th. Robert W. Baird set a $200.00 price target on shares of Reddit in a research report on Friday, February 6th. Finally, UBS Group set a $265.00 price target on shares of Reddit in a report on Tuesday, January 13th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $242.19.

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 33,507 shares of the company's stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $143.41, for a total transaction of $4,805,238.87. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares of the company's stock, valued at approximately $156,094,757.91. This represents a 2.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 19,036 shares of the firm's stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $144.05, for a total transaction of $2,742,135.80. Following the completion of the transaction, the chief technology officer owned 185,057 shares of the company's stock, valued at approximately $26,657,460.85. The trade was a 9.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have acquired 61,000 shares of company stock worth $8,870,815 and have sold 355,078 shares worth $65,408,023. Company insiders own 34.25% of the company's stock.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called "subreddits," each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.