Insider Selling: Reddit, Inc. (NYSE:RDDT) CTO Sells 5,000 Shares of Stock

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the transaction, the chief technology officer now owns 30,068 shares in the company, valued at $2,329,668.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Monday, September 23rd, Christopher Brian Slowe sold 11,000 shares of Reddit stock. The stock was sold at an average price of $65.56, for a total value of $721,160.00.
• 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 Price Performance

Shares of NYSE:RDDT opened at $81.38 on Friday. Reddit, Inc. has a one year low of $37.35 and a one year high of $81.72. The firm has a fifty day moving average price of $65.04 and a two-hundred day moving average price of $59.82.

Reddit (NYSE:RDDT) last released 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 business had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. During the same period in the previous year, the business earned ($0.70) EPS. The business’s revenue was up 53.6% on a year-over-year basis. Sell-side analysts forecast that Reddit, Inc. will post -4.1 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on RDDT shares. Morgan Stanley boosted their price target on shares of Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Piper Sandler boosted their target price on shares of Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Sanford C. Bernstein increased their target price on shares of Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Monday, July 22nd. JPMorgan Chase & Co. lifted their price target on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. Finally, Roth Mkm increased their price objective on Reddit from $66.00 to $89.00 and gave the company a “buy” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $73.61.

Hedge Funds Weigh In On Reddit

Hedge funds and other institutional investors have recently bought and sold shares of the stock. VY Capital Management Co. Ltd. bought a new stake in shares of Reddit during the 3rd quarter worth $474,403,000. Inclusive Capital Partners L.P. purchased a new position in shares of Reddit in the 1st quarter worth about $103,051,000. Vanguard Group Inc. bought a new position in shares of Reddit during the 1st quarter valued at about $82,167,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Reddit during the 1st quarter valued at about $37,015,000. Finally, Blackstone Inc. purchased a new position in shares of Reddit during the 1st quarter valued at about $36,990,000.

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.