Andrew Vollero Sells 11,287 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) CFO Andrew Vollero sold 11,287 shares of Reddit stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total value of $722,368.00. Following the sale, the chief financial officer now owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Reddit Stock Performance

Shares of Reddit stock traded up $1.43 on Friday, hitting $65.99. The stock had a trading volume of 8,517,647 shares, compared to its average volume of 4,436,611. Reddit, Inc. has a one year low of $37.35 and a one year high of $78.08. The firm has a 50-day moving average of $59.47.

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

Hedge Funds Weigh In On Reddit

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on RDDT shares. Loop Capital raised shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research note on Thursday, August 1st. Raymond James lifted their price objective 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. Cannonball Research initiated coverage on Reddit in a research note on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price on the stock. 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, Bank of America upped their price objective on Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $66.12.

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.