Reddit, Inc. (NYSE:RDDT) COO Sells $1,799,648.67 in Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $1,799,648.67. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $83,277,253.43. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Reddit Trading Down 0.8 %

NYSE:RDDT opened at $56.43 on Friday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $78.08. The firm has a fifty day moving average price of $62.13.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.25. The business had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. During the same period in the prior year, the firm posted ($0.70) EPS. Reddit’s revenue for the quarter was up 53.6% on a year-over-year basis. Research analysts forecast that Reddit, Inc. will post -4.17 EPS for the current year.

Institutional Investors Weigh In On Reddit

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Global Retirement Partners LLC acquired a new position in Reddit during the 1st quarter valued at $27,000. BNP Paribas Financial Markets bought a new position in shares of Reddit during the 1st quarter worth about $37,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of Reddit during the first quarter valued at about $63,000. SOA Wealth Advisors LLC. bought a new stake in shares of Reddit in the second quarter valued at about $78,000. Finally, Sandia Investment Management LP acquired a new stake in Reddit during the first quarter worth about $79,000.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on RDDT shares. Needham & Company LLC restated a “buy” rating and set a $75.00 price target on shares of Reddit in a report on Thursday, August 8th. Bank of America increased their price objective on Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Piper Sandler upped their target price on Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Loop Capital raised shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a research report on Thursday, August 1st. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Reddit from $62.00 to $65.00 and gave the company a “buy” rating in a report on Friday, May 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average price target of $65.56.

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.