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

Focus Financial Network Inc. decreased its position in Reddit Inc. (NYSE:RDDT) by 27.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in RDDT. Sunbelt Securities Inc. boosted its position in shares of Reddit by 87.5% during the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock worth $26,000 after buying an additional 91 shares during the period. Ascentis Independent Advisors purchased a new stake in shares of Reddit in the 1st quarter valued at $30,000. LOM Asset Management Ltd purchased a new stake in shares of Reddit in the 4th quarter valued at $33,000. Beacon Investment Advisory Services Inc. acquired a new position in Reddit during the 2nd quarter worth about $35,000. Finally, Geneos Wealth Management Inc. lifted its stake in Reddit by 344.6% during 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.

Analyst Upgrades and Downgrades

RDDT has been the subject of several research reports. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $180.00 target price on shares of Reddit in a research report on Friday, July 31st. The Goldman Sachs Group reissued a “neutral” rating and set a $200.00 price target on shares of Reddit in a research report on Friday, May 1st. Wells Fargo & Company lowered their price objective on shares of Reddit from $187.00 to $142.00 and set an “equal weight” rating for the company in a research note on Friday, July 31st. Jefferies Financial Group set a $250.00 price objective on shares of Reddit in a report on Friday, July 10th. Finally, UBS Group reaffirmed a “buy” rating on shares of Reddit in a research note on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $220.90.

Insider Buying and Selling

In related news, CAO Michelle Marie Reynolds sold 808 shares of Reddit stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total value of $161,600.00. Following the completion of the transaction, the chief accounting officer owned 15,060 shares in the company, valued at $3,012,000. The trade was a 5.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,166 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $176.94, for a total transaction of $6,930,032.04. Following the transaction, the chief operating officer owned 1,050,339 shares of the company’s stock, valued at $185,846,982.66. This trade represents a 3.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 169,141 shares of company stock worth $28,464,485. Company insiders own 28.48% of the company’s stock.

Reddit Price Performance

Shares of NYSE RDDT opened at $156.04 on Wednesday. The stock’s 50-day moving average is $176.04 and its two-hundred day moving average is $160.56. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95. The company has a market cap of $30.02 billion, a price-to-earnings ratio of 36.29, a price-to-earnings-growth ratio of 0.53 and a beta of 2.03.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.30. The company had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. Reddit had a return on equity of 29.02% and a net margin of 31.35%.Reddit’s revenue for the quarter was up 61.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.45 EPS. Equities research analysts anticipate that Reddit Inc. will post 5.22 earnings per share for the current fiscal year.

Reddit Company 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.