Reddit, Inc. (NYSE:RDDT) CFO Sells $12,408,000.00 in Stock

Reddit, Inc. (NYSE:RDDT) CFO Andrew Vollero sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the sale, the chief financial officer now directly owns 499,295 shares of the company’s stock, valued at approximately $61,952,523.60. This represents a 16.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Andrew Vollero also recently made the following trade(s):

• On Monday, February 24th, Andrew Vollero sold 48,122 shares of Reddit stock. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60.

Reddit Price Performance

Shares of NYSE:RDDT traded down $5.36 during trading hours on Wednesday, hitting $120.07. The company’s stock had a trading volume of 4,848,989 shares, compared to its average volume of 5,334,641. The firm’s fifty day moving average price is $168.60 and its 200 day moving average price is $136.54. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The company has a market capitalization of $21.72 billion and a price-to-earnings ratio of -15.53.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping the consensus estimate 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, equities research analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RDDT. Piper Sandler increased their price objective on shares of Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. B. Riley boosted their price target on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Robert W. Baird increased their price target on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. The Goldman Sachs Group raised their target price on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Finally, Bank of America increased their price target on shares of Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Reddit currently has an average rating of “Hold” and an average price target of $162.68.

Hedge Funds Weigh In On Reddit

A number of large investors have recently added to or reduced their stakes in RDDT. Plato Investment Management Ltd bought a new position in shares of Reddit during the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC purchased a new position in Reddit in the fourth quarter worth $28,000. Ridgewood Investments LLC increased its position in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. acquired a new position in shares of Reddit during the fourth quarter worth $33,000. Finally, Bogart Wealth LLC purchased a new stake in shares of Reddit during the 4th quarter valued at $33,000.

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.