Reddit, Inc. (NYSE:RDDT) CTO Sells $1,868,350.00 in Stock

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 11,000 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $169.85, for a total value of $1,868,350.00. Following the completion of the sale, the chief technology officer now owns 324,837 shares in the company, valued at $55,173,564.45. This represents a 3.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Christopher Brian Slowe also recently made the following trade(s):

• On Friday, November 22nd, Christopher Brian Slowe sold 21,000 shares of Reddit stock. The shares were sold at an average price of $146.01, for a total transaction of $3,066,210.00.
• On Tuesday, October 22nd, Christopher Brian Slowe sold 5,000 shares of Reddit stock. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00.

Reddit Stock Performance

RDDT stock opened at $173.54 on Friday. The stock’s 50 day moving average is $137.51 and its two-hundred day moving average is $89.33. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $182.20.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. The firm had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, equities research analysts predict that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on RDDT shares. Roth Mkm boosted their price objective on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Sanford C. Bernstein boosted their price target on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a report on Wednesday, October 30th. Bank of America raised their price objective on Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Wells Fargo & Company assumed coverage on Reddit in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 target price for the company. Finally, Robert W. Baird raised their price target on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average price target of $132.70.

Hedge Funds Weigh In On Reddit

Hedge funds have recently bought and sold shares of the company. Whittier Trust Co. bought a new position in Reddit during the 3rd quarter worth approximately $42,000. Daiwa Securities Group Inc. bought a new position in Reddit during the third quarter worth $85,000. UMB Bank n.a. acquired a new position in Reddit in the second quarter worth $88,000. SOA Wealth Advisors LLC. increased its stake in Reddit by 56.3% during the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after purchasing an additional 691 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in shares of Reddit during the third quarter worth $144,000.

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.