Insider Selling: Reddit, Inc. (NYSE:RDDT) CTO Sells 11,000 Shares of Stock

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 11,000 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $65.56, for a total value of $721,160.00. Following the sale, the chief technology officer now directly owns 339,295 shares in the company, valued at approximately $22,244,180.20. The sale was disclosed in a document filed with the SEC, which is available at this link.

Christopher Brian Slowe also recently made the following trade(s):

• On Tuesday, August 20th, Christopher Brian Slowe sold 21,000 shares of Reddit stock. The shares were sold at an average price of $53.99, for a total value of $1,133,790.00.

Reddit Stock Performance

Shares of NYSE RDDT traded up $0.92 during trading on Wednesday, reaching $67.88. 4,240,032 shares of the company traded hands, compared to its average volume of 4,430,301. The company has a fifty day moving average price of $59.24. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $78.08.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates 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 business’s quarterly revenue was up 53.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.70) EPS. As a group, analysts forecast that Reddit, Inc. will post -4.17 earnings per share for the current year.

Hedge Funds Weigh In On Reddit

A number of institutional investors have recently modified their holdings of the stock. Congress Park Capital LLC acquired a new stake in shares of Reddit during the 1st quarter valued at about $279,000. Commonwealth Equity Services LLC acquired a new stake in shares of Reddit during the 1st quarter valued at about $1,111,000. BNP Paribas Financial Markets acquired a new stake in shares of Reddit during the 1st quarter valued at about $37,000. SG Americas Securities LLC acquired a new stake in shares of Reddit during the 1st quarter valued at about $265,000. Finally, ANTIPODES PARTNERS Ltd acquired a new stake in shares of Reddit during the 1st quarter valued at about $63,000.

Analyst Ratings Changes

Several analysts have recently commented on the company. Piper Sandler increased their price objective on Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. JMP Securities reiterated a “market outperform” rating and set a $84.00 price objective on shares of Reddit in a report on Tuesday, July 30th. Morgan Stanley increased their price objective on Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Sanford C. Bernstein increased their price objective on Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a report on Monday, July 22nd. Finally, Cannonball Research assumed coverage on Reddit in a report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, 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.