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

Focus Financial Network Inc. cut its stake in Reddit Inc. (NYSE:RDDT) by 27.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,562 shares of the company’s stock after selling 3,281 shares during the quarter. Focus Financial Network Inc.’s holdings in Reddit were worth $1,486,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Truist Financial Corp lifted its stake in Reddit by 67.7% in the 4th quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock worth $3,600,000 after purchasing an additional 6,321 shares in the last quarter. Swiss Life Asset Management Ltd boosted its holdings in shares of Reddit by 63.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock worth $7,357,000 after purchasing an additional 12,398 shares during the last quarter. Calamos Advisors LLC acquired a new position in shares of Reddit during the 4th quarter worth approximately $2,299,000. Handelsbanken Fonder AB grew its position in shares of Reddit by 22.9% in the fourth quarter. Handelsbanken Fonder AB now owns 37,000 shares of the company’s stock valued at $8,505,000 after purchasing an additional 6,900 shares in the last quarter. Finally, Berkshire Capital Holdings Inc. grew its position in shares of Reddit by 326,400.0% in the fourth quarter. Berkshire Capital Holdings Inc. now owns 32,650 shares of the company’s stock valued at $7,505,000 after purchasing an additional 32,640 shares in the last quarter.

Insider Activity

In related news, CAO Michelle Marie Reynolds sold 808 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total transaction of $161,600.00. Following the completion of the sale, the chief accounting officer directly owned 15,060 shares of the company’s stock, valued at approximately $3,012,000. This trade represents a 5.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the completion of the sale, the chief operating officer owned 1,088,451 shares in the company, valued at approximately $172,541,252.52. This trade represents a 3.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 169,141 shares of company stock valued at $28,464,485 in the last quarter. Insiders own 28.48% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Wedbush reduced their price objective on Reddit from $250.00 to $221.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. Wall Street Zen cut Reddit from a “buy” rating to a “hold” rating in a report on Sunday. Piper Sandler reaffirmed an “overweight” rating and issued a $195.00 target price (down from $215.00) on shares of Reddit in a research note on Friday, July 31st. KeyCorp assumed coverage on Reddit in a research note on Wednesday, July 29th. They issued an “overweight” rating and a $225.00 target price for the company. Finally, Raymond James Financial set a $180.00 price target on Reddit and gave the stock a “market perform” rating in a report on Friday, May 1st. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $220.90.

Reddit Price Performance

Shares of NYSE RDDT opened at $156.04 on Wednesday. The company has a market capitalization of $30.02 billion, a P/E ratio of 36.29, a P/E/G ratio of 0.53 and a beta of 2.03. The company has a 50 day simple moving average of $176.04 and a 200-day simple moving average of $160.56. Reddit Inc. has a 1 year low of $119.27 and a 1 year high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, July 30th. The company reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.30. The firm had revenue of $804.91 million for the quarter, compared to analysts’ expectations of $731.00 million. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The firm’s quarterly revenue was up 61.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 earnings per share. As a group, research analysts expect that Reddit Inc. will post 5.22 EPS for the current year.

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.