Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong Sells 33,334 Shares of Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the sale, the chief operating officer now owns 1,466,119 shares of the company’s stock, valued at approximately $137,800,524.81. The trade was a 2.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Reddit Price Performance

Shares of NYSE:RDDT opened at $96.04 on Friday. The business has a fifty day moving average price of $131.49 and a 200-day moving average price of $140.37. The company has a market capitalization of $17.37 billion and a PE ratio of -12.42. Reddit, Inc. has a 1-year low of $40.17 and a 1-year high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating 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, sell-side analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Reddit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jennison Associates LLC purchased a new position in shares of Reddit in the fourth quarter worth $494,861,000. Renaissance Capital LLC raised its position in Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after buying an additional 3,892 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Reddit by 27.6% during 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 during the period. Assetmark Inc. boosted its holdings in shares of Reddit by 1,537,566.7% during 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 during the last quarter. Finally, Chung Wu Investment Group LLC bought a new stake in shares of Reddit in the fourth quarter worth approximately $327,000.

Analyst Ratings Changes

A number of analysts have recently weighed in on RDDT shares. Piper Sandler dropped their price objective on Reddit from $220.00 to $140.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Redburn Partners set a $75.00 target price on shares of Reddit in a report on Monday, March 17th. JPMorgan Chase & Co. reduced their price target on Reddit from $185.00 to $110.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Roth Capital cut Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. Finally, Truist Financial began coverage on Reddit in a research note on Monday, April 7th. They set a “buy” rating and a $150.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $142.22.

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.