31,396 Shares in Reddit, Inc. (NYSE:RDDT) Purchased by Focus Financial Network Inc.

Focus Financial Network Inc. acquired a new stake in Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 31,396 shares of the company’s stock, valued at approximately $5,131,000.

A number of other institutional investors have also bought and sold shares of the business. Jennison Associates LLC purchased a new stake in shares of Reddit in the fourth quarter valued at about $494,861,000. Renaissance Capital LLC raised its position in shares of Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after buying an additional 3,892 shares during the period. ARK Investment Management LLC lifted its holdings in Reddit by 120.5% in the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after acquiring an additional 192,785 shares during the last quarter. Wellington Management Group LLP grew its position in Reddit by 3,640.5% in the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after acquiring an additional 248,499 shares during the period. Finally, Victory Capital Management Inc. increased its stake in Reddit by 903.8% during the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after acquiring an additional 453,894 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. Loop Capital boosted their price target on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Needham & Company LLC increased their price objective on shares of Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Citigroup lifted their target price on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, Roth Mkm cut Reddit from a “buy” rating to a “neutral” rating and upped their price target for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $162.20.

Reddit Trading Down 0.3 %

Shares of RDDT stock opened at $224.67 on Tuesday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The firm has a fifty day moving average price of $176.42 and a 200 day moving average price of $114.38.

Insider Activity

In related news, insider Benjamin Seong Lee sold 18,519 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value of $2,704,885.14. Following the transaction, the insider now directly owns 138,401 shares of the company’s stock, valued at $20,214,850.06. This trade represents a 11.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at approximately $124,083,012.24. This trade represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 259,357 shares of company stock worth $41,121,108.

Reddit 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.