Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong Sells 33,333 Shares of Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $113.38, for a total transaction of $3,779,295.54. Following the completion of the sale, the chief operating officer now owns 1,466,119 shares in the company, valued at $166,228,572.22. This represents a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Reddit Trading Down 2.4%

Shares of NYSE RDDT opened at $105.45 on Wednesday. The stock has a market capitalization of $19.46 billion, a PE ratio of -13.64, a PEG ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a twelve month low of $49.13 and a twelve month high of $230.41. The stock has a fifty day simple moving average of $108.63 and a 200-day simple moving average of $145.59.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The company had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same period in the prior year, the firm earned ($8.19) earnings per share. The business’s revenue for the quarter was up 61.5% compared to the same quarter last year. On average, equities analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on RDDT shares. Robert W. Baird set a $140.00 price objective on Reddit in a research report on Monday, May 5th. Piper Sandler restated an “overweight” rating and set a $150.00 price target (up previously from $140.00) on shares of Reddit in a research note on Friday, May 2nd. Sanford C. Bernstein raised shares of Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 price objective for the company in a research report on Friday, May 2nd. Raymond James dropped their target price on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, March 12th. Finally, Redburn Partners set a $75.00 target price on Reddit in a report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average target price of $141.36.

Hedge Funds Weigh In On Reddit

Several hedge funds and other institutional investors have recently made changes to their positions in RDDT. Vanguard Group Inc. grew its holdings in Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after acquiring an additional 5,950,909 shares in the last quarter. Jennison Associates LLC acquired a new position in shares of Reddit during the 4th quarter worth about $494,861,000. Alliancebernstein L.P. raised its position in shares of Reddit by 103.0% during the 1st quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock worth $593,733,000 after acquiring an additional 2,871,232 shares in the last quarter. Brooklyn FI LLC purchased a new stake in Reddit during the fourth quarter worth approximately $303,082,000. Finally, GQG Partners LLC purchased a new stake in Reddit during the fourth quarter worth approximately $271,539,000.

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.