Reddit (NYSE:RDDT) Shares Down 10.3% Following Insider Selling

Reddit, Inc. (NYSE:RDDT)’s stock price traded down 10.3% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $112.91 and last traded at $112.68. 1,957,038 shares traded hands during trading, a decline of 65% from the average session volume of 5,659,296 shares. The stock had previously closed at $125.56.

Specifically, CEO Steve Ladd Huffman sold 124,408 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the sale, the chief executive officer now directly owns 583,515 shares in the company, valued at $74,316,470.40. This represents a 17.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of recent research reports. Redburn Atlantic initiated coverage on Reddit in a research report on Monday. They issued a “sell” rating and a $75.00 price objective on the stock. Roth Capital lowered Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Piper Sandler increased their price objective on Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Roth Mkm lowered Reddit from a “buy” rating to a “neutral” rating and increased their price objective for the company from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Finally, Jefferies Financial Group increased their price objective on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $164.50.

Reddit Trading Down 0.4 %

The company has a 50 day simple moving average of $173.50 and a 200-day simple moving average of $134.41. The stock has a market cap of $19.83 billion and a price-to-earnings ratio of -14.18.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating 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%. Equities analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently modified their holdings of the company. Jennison Associates LLC acquired a new stake in shares of Reddit in the 4th quarter valued at about $494,861,000. Renaissance Capital LLC grew its holdings in shares of Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after acquiring an additional 3,892 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Reddit by 27.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after acquiring an additional 139,135 shares in the last quarter. Assetmark Inc. grew its holdings in shares of Reddit by 1,537,566.7% in the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock valued at $7,539,000 after acquiring an additional 46,127 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Reddit by 3,640.5% in the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after acquiring an additional 248,499 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.