Reddit (NYSE:RDDT) CTO Christopher Brian Slowe Sells 9,500 Shares

Reddit Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 9,500 shares of the firm’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $141.28, for a total value of $1,342,160.00. Following the completion of the transaction, the chief technology officer directly owned 38,413 shares in the company, valued at $5,426,988.64. The trade was a 19.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

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

• On Monday, March 9th, Christopher Brian Slowe sold 9,500 shares of Reddit stock. The stock was sold at an average price of $136.55, for a total value of $1,297,225.00.
• On Monday, February 23rd, Christopher Brian Slowe sold 19,036 shares of Reddit stock. The shares were sold at an average price of $144.05, for a total transaction of $2,742,135.80.
• On Tuesday, February 10th, Christopher Brian Slowe sold 11,464 shares of Reddit stock. The stock was sold at an average price of $149.74, for a total transaction of $1,716,619.36.
• On Thursday, January 22nd, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The stock was sold at an average price of $212.61, for a total transaction of $2,976,540.00.
• On Thursday, January 8th, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The shares were sold at an average price of $253.88, for a total transaction of $3,554,320.00.

Reddit Trading Up 2.6%

RDDT traded up $3.49 during trading on Wednesday, hitting $139.61. The stock had a trading volume of 3,187,418 shares, compared to its average volume of 4,879,391. The firm has a market cap of $26.67 billion, a PE ratio of 51.95, a P/E/G ratio of 0.99 and a beta of 2.40. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95. The company has a 50 day simple moving average of $162.15 and a 200-day simple moving average of $200.58.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.28. The company had revenue of $725.61 million for the quarter, compared to the consensus estimate of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The firm’s revenue was up 69.7% compared to the same quarter last year. During the same period last year, the business posted $0.36 earnings per share. As a group, sell-side analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RDDT. JPMorgan Chase & Co. dropped their price target on Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. Wall Street Zen lowered shares of Reddit from a “buy” rating to a “hold” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $285.00 target price on shares of Reddit in a research note on Tuesday, January 20th. Jefferies Financial Group decreased their price target on shares of Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a research report on Tuesday, March 10th. Finally, Wells Fargo & Company set a $196.00 price objective on shares of Reddit in a report on Monday, February 9th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $242.19.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Purpose Unlimited Inc. acquired a new stake in Reddit during the fourth quarter worth $383,000. Rockefeller Capital Management L.P. raised its stake in shares of Reddit by 3.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 11,697 shares of the company’s stock valued at $2,689,000 after buying an additional 340 shares in the last quarter. World Investment Advisors lifted its holdings in shares of Reddit by 37.4% during the 4th quarter. World Investment Advisors now owns 2,533 shares of the company’s stock worth $582,000 after acquiring an additional 689 shares during the period. Corient Private Wealth LLC boosted its position in shares of Reddit by 58.5% during the 4th quarter. Corient Private Wealth LLC now owns 8,491 shares of the company’s stock valued at $1,949,000 after acquiring an additional 3,134 shares in the last quarter. Finally, SHP Wealth Management bought a new stake in Reddit in the fourth quarter valued at about $78,000.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.