Insider Selling: Reddit, Inc. (NYSE:RDDT) COO Sells 33,333 Shares of Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $59.18, for a total transaction of $1,972,646.94. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $91,282,605.26. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Reddit Price Performance

RDDT traded up $1.78 during trading on Wednesday, hitting $63.67. The stock had a trading volume of 4,686,054 shares, compared to its average volume of 4,398,606. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $78.08. The company has a 50 day simple moving average of $59.74.

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. Reddit’s revenue for the quarter was up 53.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.70) EPS. Analysts anticipate that Reddit, Inc. will post -4.17 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Piper Sandler lifted their price target on Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Sanford C. Bernstein increased their price target on shares of Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday, July 22nd. Needham & Company LLC reaffirmed a “buy” rating and set a $75.00 price objective on shares of Reddit in a research report on Wednesday. Loop Capital upgraded shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research report on Thursday, August 1st. Finally, JMP Securities restated a “market outperform” rating and set a $84.00 price target on shares of Reddit in a report on Tuesday, July 30th. One equities research 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 currently has an average rating of “Moderate Buy” and an average target price of $65.56.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets acquired a new position in Reddit in the first quarter valued at about $37,000. SOA Wealth Advisors LLC. acquired a new position in shares of Reddit in the 2nd quarter worth approximately $78,000. ANTIPODES PARTNERS Ltd bought a new stake in Reddit during the 1st quarter worth approximately $63,000. UMB Bank n.a. acquired a new stake in Reddit during the 2nd quarter valued at $88,000. Finally, Sandia Investment Management LP bought a new position in Reddit in the 1st quarter valued at $79,000.

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.