Reddit, Inc. (NYSE:RDDT) CTO Sells $1,133,790.00 in Stock

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 21,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $1,133,790.00. Following the completion of the transaction, the chief technology officer now directly owns 339,295 shares in the company, valued at $18,318,537.05. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Reddit Stock Down 0.8 %

Shares of RDDT stock opened at $56.43 on Friday. The firm has a fifty day simple moving average of $62.13. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $78.08.

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

Analyst Ratings Changes

A number of equities analysts have recently commented on RDDT shares. JPMorgan Chase & Co. dropped their price target on shares of Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Raymond James lifted their target price on shares of Reddit from $65.00 to $70.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Reddit from $62.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Sanford C. Bernstein raised their price target on Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Monday, July 22nd. Finally, Roth Mkm cut their price objective on Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and an average price target of $65.56.

Hedge Funds Weigh In On Reddit

A number of hedge funds have recently modified their holdings of RDDT. DekaBank Deutsche Girozentrale bought a new stake in Reddit in the first quarter valued at $7,363,000. Commonwealth Equity Services LLC acquired a new stake in shares of Reddit in the 1st quarter valued at $1,111,000. BNP Paribas Financial Markets bought a new stake in shares of Reddit in the 1st quarter worth about $37,000. Vanguard Group Inc. acquired a new stake in shares of Reddit during the 1st quarter worth about $82,167,000. Finally, Bamco Inc. NY bought a new position in Reddit during the 1st quarter valued at about $14,796,000.

Reddit Company 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.