Reddit, Inc. (NYSE:RDDT) Director Mary Porter Gale Sells 20,000 Shares of Stock

Reddit, Inc. (NYSE:RDDT) Director Mary Porter Gale sold 20,000 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $169.71, for a total transaction of $3,394,200.00. Following the sale, the director now directly owns 26,309 shares of the company’s stock, valued at $4,464,900.39. This represents a 43.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Reddit Stock Performance

Shares of Reddit stock opened at $159.59 on Wednesday. The company has a market capitalization of $28.87 billion and a PE ratio of -20.65. The company has a 50-day simple moving average of $183.68 and a two-hundred day simple moving average of $125.70. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 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%. On average, equities analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Reddit

Large investors have recently added to or reduced their stakes in the company. Raymond James & Associates grew its stake in shares of Reddit by 60.3% during the third quarter. Raymond James & Associates now owns 68,374 shares of the company’s stock worth $4,507,000 after acquiring an additional 25,733 shares during the last quarter. DekaBank Deutsche Girozentrale grew its stake in shares of Reddit by 5.0% during the third quarter. DekaBank Deutsche Girozentrale now owns 141,800 shares of the company’s stock worth $9,347,000 after acquiring an additional 6,800 shares during the last quarter. Biechele Royce Advisors purchased a new stake in shares of Reddit during the third quarter worth about $1,754,000. Campbell Capital Management Inc. purchased a new stake in shares of Reddit during the third quarter worth about $3,088,000. Finally, Vestor Capital LLC grew its stake in shares of Reddit by 1.1% during the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock worth $5,589,000 after acquiring an additional 922 shares during the last quarter.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of recent analyst reports. B. Riley boosted their target price on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Guggenheim initiated coverage on shares of Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 target price for the company. Needham & Company LLC boosted their target price on shares of Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Roth Mkm lowered shares of Reddit from a “buy” rating to a “neutral” rating and boosted their target price for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Finally, Piper Sandler boosted their target price on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $175.95.

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.