Insider Selling: Reddit, Inc. (NYSE:RDDT) COO Sells $5,874,274.59 in Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the completion of the transaction, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at approximately $265,102,260.31. The trade was a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Reddit Stock Up 4.3 %

RDDT stock opened at $170.71 on Friday. The business’s 50-day moving average price is $127.73 and its 200-day moving average price is $85.14. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $180.74.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (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 firm had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit’s revenue for the quarter was up 67.9% on a year-over-year basis. On average, analysts expect that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

Analyst Ratings Changes

RDDT has been the subject of a number of recent research reports. JMP Securities lifted their price objective on Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a research note on Monday, November 25th. Needham & Company LLC boosted their price target on Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Jefferies Financial Group upped their price target on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. Sanford C. Bernstein boosted their target price on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. Finally, Roth Mkm upped their target price on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $132.70.

Institutional Investors Weigh In On Reddit

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Reddit during the 2nd quarter valued at approximately $19,876,000. Raymond James & Associates lifted its holdings in shares of Reddit by 706.1% in the second quarter. Raymond James & Associates now owns 42,641 shares of the company’s stock worth $2,724,000 after buying an additional 37,351 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Reddit by 10.1% in the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after buying an additional 153,282 shares in the last quarter. ARK Investment Management LLC boosted its position in shares of Reddit by 1,491.2% during the second quarter. ARK Investment Management LLC now owns 159,936 shares of the company’s stock worth $10,218,000 after acquiring an additional 149,885 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in Reddit during the second quarter valued at $1,201,000.

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.