Insider Selling: Reddit, Inc. (NYSE:RDDT) COO Sells 33,334 Shares of Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $76.27, for a total transaction of $2,542,384.18. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $117,643,195.39. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Reddit Price Performance

Shares of Reddit stock opened at $80.90 on Friday. The company’s fifty day moving average price is $63.15 and its two-hundred day moving average price is $59.04. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $81.36.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to analyst estimates of $253.86 million. The firm’s revenue for the quarter was up 53.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.70) EPS. As a group, research analysts anticipate that Reddit, Inc. will post -4.1 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. VY Capital Management Co. Ltd. bought a new stake in shares of Reddit in the 3rd quarter valued at about $474,403,000. Inclusive Capital Partners L.P. acquired a new stake in shares of Reddit in the 1st quarter valued at approximately $103,051,000. Vanguard Group Inc. acquired a new stake in Reddit during the 1st quarter valued at $82,167,000. Bank of New York Mellon Corp lifted its holdings in Reddit by 10.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after purchasing an additional 153,282 shares during the last quarter. Finally, Marshall Wace LLP lifted its holdings in Reddit by 117.2% during the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after purchasing an additional 457,588 shares during the last quarter.

Analyst Ratings Changes

A number of brokerages have weighed in on RDDT. JPMorgan Chase & Co. lifted their price target on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. Sanford C. Bernstein upped their price target on shares of Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a report on Monday, July 22nd. Roth Mkm cut their price target on shares of Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Cannonball Research started coverage on shares of Reddit in a report on Tuesday, August 6th. They set a “buy” rating and a $67.00 target price on the stock. Finally, Jefferies Financial Group began coverage on shares of Reddit in a report on Wednesday, October 9th. They set a “buy” rating and a $90.00 target price on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $70.28.

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.