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 dated Monday, March 17th. The stock was sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the transaction, the chief operating officer now directly owns 1,466,119 shares of the company’s stock, valued at $183,587,421.18. This represents a 2.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Reddit Stock Performance

Shares of NYSE RDDT opened at $108.68 on Friday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41. The firm’s 50 day moving average price is $172.23 and its 200 day moving average price is $134.23. The firm has a market cap of $19.66 billion and a P/E ratio of -14.06.

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

Analyst Ratings Changes

Several research analysts recently issued reports on RDDT shares. Bank of America increased their price target on shares of Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. B. Riley increased their price target on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Wells Fargo & Company increased their price target on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Piper Sandler increased their target price on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Finally, JPMorgan Chase & Co. increased their target price on shares of Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $162.68.

Institutional Investors Weigh In On Reddit

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ridgewood Investments LLC increased its stake in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the period. Proficio Capital Partners LLC increased its stake in Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after buying an additional 120 shares during the period. Farther Finance Advisors LLC increased its stake in Reddit by 148.5% during the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock worth $40,000 after buying an additional 147 shares during the period. UMB Bank n.a. increased its stake in Reddit by 10.8% during the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after buying an additional 150 shares during the period. Finally, Foundations Investment Advisors LLC grew its holdings in Reddit by 3.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after acquiring an additional 155 shares in the last quarter.

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.