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

Reddit, Inc. (NYSE:RDDT) CFO Andrew Vollero sold 11,287 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the transaction, the chief financial officer now owns 840,379 shares in the company, valued at $53,784,256. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Reddit Stock Up 2.5 %

Shares of NYSE:RDDT opened at $66.17 on Friday. The company has a fifty day simple moving average of $59.47. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $78.08.

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

Analysts Set New Price Targets

A number of research firms have issued reports on RDDT. Sanford C. Bernstein increased their price target on Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Monday, July 22nd. Cannonball Research assumed coverage on Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 target price on the stock. Raymond James upped their target price on Reddit from $65.00 to $70.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, July 31st. JMP Securities reaffirmed a “market outperform” rating and set a $84.00 target price on shares of Reddit in a research report on Tuesday, July 30th. Finally, JPMorgan Chase & Co. lowered their target price on Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and an average price target of $66.12.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of RDDT. BNP Paribas Financial Markets bought a new position in Reddit in the 1st quarter valued at $37,000. ANTIPODES PARTNERS Ltd bought a new position in shares of Reddit during the 1st quarter worth $63,000. SOA Wealth Advisors LLC. bought a new position in shares of Reddit during the 2nd quarter worth $78,000. Sandia Investment Management LP bought a new position in shares of Reddit during the 1st quarter worth $79,000. Finally, UMB Bank n.a. bought a new position in shares of Reddit during the 2nd quarter worth $88,000.

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.