Jennifer L. Wong Sells 50,000 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total value of $3,250,500.00. Following the transaction, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $100,275,129.57. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Reddit Trading Up 3.0 %

RDDT stock opened at $66.97 on Wednesday. The firm’s 50 day moving average price is $59.31. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $78.08.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping 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. During the same quarter in the previous year, the business posted ($0.70) earnings per share. The company’s quarterly revenue was up 53.6% compared to the same quarter last year. Sell-side analysts expect that Reddit, Inc. will post -4.17 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Piper Sandler lifted their price objective on shares of Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. B. Riley assumed coverage on shares of Reddit in a research note on Friday, September 20th. They set a “buy” rating and a $75.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and issued a $75.00 price objective on shares of Reddit in a research report on Wednesday, September 18th. Loop Capital raised Reddit from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research report on Thursday, August 1st. Finally, Roth Mkm reduced their price target on Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $66.12.

Hedge Funds Weigh In On Reddit

A number of large investors have recently bought and sold shares of the business. DekaBank Deutsche Girozentrale acquired a new stake in shares of Reddit during the 1st quarter worth approximately $7,363,000. Commonwealth Equity Services LLC acquired a new stake in Reddit in the first quarter worth $1,111,000. BNP Paribas Financial Markets acquired a new position in shares of Reddit during the first quarter valued at $37,000. Vanguard Group Inc. acquired a new position in shares of Reddit during the first quarter valued at $82,167,000. Finally, Bamco Inc. NY acquired a new stake in shares of Reddit in the 1st quarter worth about $14,796,000.

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.