Christopher Brian Slowe Sells 5,000 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 5,000 shares of Reddit stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total value of $920,750.00. Following the sale, the chief technology officer now directly owns 35,252 shares of the company’s stock, valued at approximately $6,491,655.80. This trade represents a 12.42 % 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, December 23rd, Christopher Brian Slowe sold 11,000 shares of Reddit stock. The shares were sold at an average price of $169.85, for a total value of $1,868,350.00.
• On Friday, November 22nd, Christopher Brian Slowe sold 21,000 shares of Reddit stock. The stock was sold at an average price of $146.01, for a total value of $3,066,210.00.

Reddit Price Performance

RDDT stock opened at $182.24 on Friday. The firm has a 50-day moving average of $163.38 and a 200 day moving average of $104.22. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $191.00.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company’s revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts expect that Reddit, Inc. will post -3.48 EPS for the current fiscal year.

Analyst Ratings Changes

RDDT has been the subject of a number of recent research reports. Guggenheim began coverage on shares of Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective for the company. Piper Sandler upped their price target on shares of Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a research report on Tuesday, January 14th. Needham & Company LLC lifted their price objective on Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. JPMorgan Chase & Co. increased their target price on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Finally, Roth Capital lowered Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $158.20.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Hsbc Holdings PLC purchased a new position in Reddit during the 2nd quarter valued at about $203,000. Marshall Wace LLP lifted its holdings in shares of Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after purchasing an additional 457,588 shares during the last quarter. Maverick Capital Ltd. boosted its position in shares of Reddit by 147.4% in the 2nd quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock worth $47,416,000 after purchasing an additional 442,145 shares in the last quarter. Scientech Research LLC grew its stake in shares of Reddit by 120.0% in the 2nd quarter. Scientech Research LLC now owns 19,432 shares of the company’s stock worth $1,242,000 after buying an additional 10,601 shares during the last quarter. Finally, Truist Financial Corp bought a new position in Reddit during the 2nd quarter valued at approximately $266,000.

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.