Focus Financial Network Inc. Purchases New Shares in Reddit, Inc. (NYSE:RDDT)

Focus Financial Network Inc. purchased a new position in shares of 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 purchased 31,396 shares of the company’s stock, valued at approximately $5,131,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. FMR LLC boosted its stake in shares of Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after buying an additional 9,139,196 shares during the period. Jennison Associates LLC purchased a new stake in Reddit during the 4th quarter valued at approximately $494,861,000. Holocene Advisors LP lifted its position in Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after acquiring an additional 1,923,109 shares during the period. Point72 Asset Management L.P. grew its stake in shares of Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after purchasing an additional 2,225,895 shares during the last quarter. Finally, Lord Abbett & CO. LLC increased its holdings in shares of Reddit by 1,519.4% in the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after purchasing an additional 1,548,450 shares during the period.

Reddit Trading Down 0.3 %

Reddit stock opened at $224.67 on Tuesday. The firm’s 50-day simple moving average is $176.42 and its 200 day simple moving average is $114.38. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41.

Analyst Upgrades and Downgrades

RDDT has been the subject of several recent research reports. JMP Securities increased their price target on Reddit from $160.00 to $190.00 and gave the stock a “market outperform” rating in a report on Monday, January 27th. Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. Needham & Company LLC boosted their price target on shares of Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Piper Sandler increased their price target on shares of Reddit from $150.00 to $197.00 and gave the stock an “overweight” rating in a report on Tuesday, January 14th. Finally, Raymond James lifted their price objective on Reddit from $200.00 to $250.00 and gave the company a “strong-buy” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $162.20.

Insider Buying and Selling at Reddit

In related news, insider Benjamin Seong Lee sold 18,519 shares of Reddit stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the completion of the sale, the insider now owns 138,401 shares in the company, valued at approximately $20,214,850.06. This trade represents a 11.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Andrew Vollero sold 19,838 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the completion of the transaction, the chief financial officer now owns 703,615 shares in the company, valued at approximately $100,771,740.30. This trade represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 259,357 shares of company stock valued at $41,121,108 over the last quarter.

About Reddit

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.