Jennifer L. Wong Sells 50,000 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 50,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $100,275,129.57. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Reddit Stock Performance

NYSE:RDDT traded down $1.17 during mid-day trading on Monday, hitting $65.00. The company’s stock had a trading volume of 3,594,041 shares, compared to its average volume of 4,430,684. The business’s fifty day moving average price is $59.31. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $78.08.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. The company had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. The firm’s revenue was up 53.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.70) earnings per share. As a group, equities research analysts predict that Reddit, Inc. will post -4.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets acquired a new stake in Reddit in the 1st quarter worth about $37,000. SOA Wealth Advisors LLC. purchased a new position in shares of Reddit in the second quarter valued at approximately $78,000. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Reddit in the first quarter worth approximately $63,000. UMB Bank n.a. purchased a new stake in shares of Reddit during the second quarter worth approximately $88,000. Finally, Sandia Investment Management LP acquired a new position in Reddit in the 1st quarter valued at $79,000.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on RDDT shares. Raymond James boosted their price objective on shares of Reddit from $65.00 to $70.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. cut their target price on Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Loop Capital upgraded shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a report on Thursday, August 1st. Morgan Stanley increased their target price on shares of Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $84.00 price target on shares of Reddit in a report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $66.12.

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.