Reddit, Inc. (NYSE:RDDT) Director Sells $3,394,200.00 in Stock

Reddit, Inc. (NYSE:RDDT) Director Mary Porter Gale sold 20,000 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $169.71, for a total value of $3,394,200.00. Following the transaction, the director now owns 26,309 shares in the company, valued at approximately $4,464,900.39. This represents a 43.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Reddit Price Performance

NYSE:RDDT traded down $5.98 during trading hours on Tuesday, reaching $159.59. The company had a trading volume of 6,104,469 shares, compared to its average volume of 6,085,570. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41. The firm has a market cap of $28.87 billion and a PE ratio of -20.65. The business’s 50 day moving average price is $183.87 and its 200-day moving average price is $124.94.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RDDT. Sanford C. Bernstein boosted their price target on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. Wells Fargo & Company boosted their price target on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Bank of America boosted their price target on Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. JPMorgan Chase & Co. lifted their target price on Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Finally, Seaport Res Ptn raised Reddit to a “hold” rating in a report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and an average price target of $175.95.

Institutional Trading of Reddit

Institutional investors and hedge funds have recently made changes to their positions in the business. Plato Investment Management Ltd purchased a new stake in shares of Reddit in the fourth quarter valued at approximately $27,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit in the fourth quarter valued at approximately $28,000. Ridgewood Investments LLC increased its position in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after buying an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. purchased a new stake in shares of Reddit in the fourth quarter valued at approximately $33,000. Finally, Bogart Wealth LLC purchased a new stake in shares of Reddit in the fourth quarter valued at approximately $33,000.

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.