Jennifer L. Wong Sells 33,333 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $128.13, for a total transaction of $4,270,957.29. Following the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at approximately $197,635,015.41. This represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Reddit Stock Up 15.6 %

Shares of RDDT stock opened at $157.47 on Friday. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $158.49. The stock has a 50 day simple moving average of $90.31 and a 200-day simple moving average of $70.56.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. The business’s quarterly revenue was up 67.9% compared to the same quarter last year. Analysts expect that Reddit, Inc. will post -3.63 EPS for the current year.

Analysts Set New Price Targets

RDDT has been the topic of several recent research reports. JPMorgan Chase & Co. increased their target price on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. Roth Mkm lifted their target price on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Piper Sandler reiterated an “overweight” rating and issued a $150.00 target price (up from $115.00) on shares of Reddit in a report on Tuesday. Cannonball Research began coverage on shares of Reddit in a report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price target on the stock. Finally, JMP Securities boosted their price objective on shares of Reddit from $84.00 to $118.00 and gave the stock a “market outperform” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $91.67.

Hedge Funds Weigh In On Reddit

Several hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC raised its holdings in Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after acquiring an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. purchased a new stake in shares of Reddit in the third quarter valued at approximately $474,403,000. Holocene Advisors LP increased its holdings in shares of Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares during the last quarter. Point72 Asset Management L.P. lifted its position in Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after buying an additional 2,225,895 shares in the last quarter. Finally, Inclusive Capital Partners L.P. acquired a new position in Reddit during the first quarter worth $103,051,000.

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.