Masso Torrence Wealth Management Inc. Has $494,000 Stock Holdings in Reddit Inc. (NYSE:RDDT)

Masso Torrence Wealth Management Inc. grew its position in Reddit Inc. (NYSE:RDDT) by 92.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,711 shares of the company’s stock after purchasing an additional 2,263 shares during the period. Masso Torrence Wealth Management Inc.’s holdings in Reddit were worth $494,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC raised its holdings in shares of Reddit by 7.5% in the fourth quarter. FMR LLC now owns 13,070,780 shares of the company’s stock valued at $2,136,288,000 after purchasing an additional 913,189 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after purchasing an additional 5,950,909 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after purchasing an additional 2,537,768 shares during the last quarter. Lord Abbett & CO. LLC raised its holdings in shares of Reddit by 12.8% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company’s stock valued at $304,325,000 after purchasing an additional 211,636 shares during the last quarter. Finally, Brooklyn FI LLC purchased a new stake in shares of Reddit in the fourth quarter valued at about $303,082,000.

Insiders Place Their Bets

In other news, insider Benjamin Seong Lee sold 6,854 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $98.42, for a total value of $674,570.68. Following the sale, the insider now directly owns 99,277 shares of the company’s stock, valued at approximately $9,770,842.34. This represents a 6.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the completion of the sale, the chief operating officer now directly owns 1,466,119 shares in the company, valued at approximately $137,800,524.81. The trade was a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 708,785 shares of company stock worth $79,988,250 over the last quarter. 34.25% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have recently commented on RDDT shares. Redburn Partners set a $75.00 target price on shares of Reddit in a report on Monday, March 17th. JMP Securities restated a “market outperform” rating and set a $180.00 price target on shares of Reddit in a research report on Friday, May 2nd. JPMorgan Chase & Co. reduced their price target on shares of Reddit from $185.00 to $110.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. B. Riley restated a “buy” rating and set a $220.00 price target (down previously from $222.00) on shares of Reddit in a research report on Friday, May 2nd. Finally, Raymond James Financial reduced their price target on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a research report on Wednesday, March 12th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $139.35.

Reddit Stock Down 1.1%

Shares of NYSE:RDDT opened at $139.58 on Friday. The firm has a market capitalization of $25.76 billion, a PE ratio of 236.59, a P/E/G ratio of 3.57 and a beta of 1.99. Reddit Inc. has a twelve month low of $49.13 and a twelve month high of $230.41. The company has a 50-day moving average price of $112.26 and a two-hundred day moving average price of $142.49.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.11. The firm had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The company’s quarterly revenue was up 61.5% on a year-over-year basis. During the same quarter last year, the business earned ($8.19) earnings per share. Analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

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.