Focus Financial Network Inc. Has $3.01 Million Stake in Reddit Inc. $RDDT

Focus Financial Network Inc. trimmed its position in shares of Reddit Inc. (NYSE:RDDT) by 42.9% during the 4th quarter, HoldingsChannel reports. The firm 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 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Raiffeisen Bank International AG purchased a new stake in shares of Reddit in the third quarter valued at $25,000. GW&K Investment Management LLC purchased a new position in shares of Reddit during the third quarter valued at $30,000. Cornerstone Planning Group LLC raised its position in Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after buying an additional 135 shares during the period. Noble Wealth Management PBC acquired a new position in Reddit during the fourth quarter valued at $34,000. Finally, Geneos Wealth Management Inc. lifted its stake in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after acquiring an additional 286 shares in the last quarter.

Reddit Price Performance

Shares of NYSE RDDT opened at $139.61 on Thursday. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95. The business’s 50-day moving average price is $159.88 and its two-hundred day moving average price is $200.15. The company has a market capitalization of $26.67 billion, a P/E ratio of 53.28, a price-to-earnings-growth ratio of 0.99 and a beta of 2.40.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. The company had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The business’s quarterly revenue was up 69.7% on a year-over-year basis. During the same period last year, the business earned $0.36 EPS. On average, equities analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on RDDT shares. Zacks Research lowered Reddit from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. The Goldman Sachs Group reduced their price target on shares of Reddit from $236.00 to $206.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Morgan Stanley set a $240.00 price target on shares of Reddit in a report on Friday, February 6th. Truist Financial boosted their price objective on shares of Reddit from $270.00 to $275.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Finally, Robert W. Baird set a $200.00 price objective on shares of Reddit in a research note on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat, Reddit has an average rating of “Moderate Buy” and a consensus price target of $242.19.

Insider Activity

In other news, COO Jennifer L. Wong sold 33,507 shares of the stock in a transaction on 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 transaction, the chief operating officer owned 1,088,451 shares in the company, valued at $156,094,757.91. This represents a 2.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benjamin Seong Lee sold 27,930 shares of the firm’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $260.08, for a total transaction of $7,264,034.40. Following the transaction, the insider owned 62,608 shares in the company, valued at $16,283,088.64. This represents a 30.85% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have purchased 61,000 shares of company stock valued at $8,870,815 and have sold 355,078 shares valued at $65,408,023. Insiders own 34.25% of the company’s stock.

Reddit Profile

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.