Reddit (NYSE:RDDT) Director Sells $820,069.76 in Stock

Reddit Inc. (NYSE:RDDT) Director Robert Sauerberg sold 5,128 shares of Reddit stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $159.92, for a total transaction of $820,069.76. Following the sale, the director owned 27,087 shares of the company’s stock, valued at approximately $4,331,753.04. The trade was a 15.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Reddit Trading Down 0.9%

Shares of RDDT stock traded down $1.32 during trading hours on Thursday, hitting $154.03. The company’s stock had a trading volume of 2,708,711 shares, compared to its average volume of 5,546,366. The company has a 50 day moving average of $172.22 and a 200 day moving average of $158.43. The stock has a market cap of $29.64 billion, a PE ratio of 35.82, a price-to-earnings-growth ratio of 0.54 and a beta of 2.03. Reddit Inc. has a 12-month low of $119.27 and a 12-month high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.30. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The firm had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. During the same quarter in the prior year, the business earned $0.45 earnings per share. The business’s quarterly revenue was up 61.0% compared to the same quarter last year. As a group, analysts anticipate that Reddit Inc. will post 5.27 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on RDDT shares. DA Davidson reaffirmed a “buy” rating and set a $200.00 price target on shares of Reddit in a research report on Thursday, July 23rd. Evercore reissued an “outperform” rating and issued a $265.00 price objective on shares of Reddit in a report on Friday, July 31st. Roth Capital restated a “neutral” rating and issued a $145.00 target price on shares of Reddit in a research note on Monday, August 3rd. Zacks Research lowered Reddit from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Finally, Wall Street Zen cut Reddit from a “buy” rating to a “hold” rating in a research report on Sunday, August 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $221.10.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System raised its position in shares of Reddit by 19,702.8% in the second quarter. California State Teachers Retirement System now owns 30,076,727 shares of the company’s stock worth $5,220,718,000 after acquiring an additional 29,924,846 shares during the period. Vanguard Group Inc. increased its stake in shares of Reddit by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock valued at $3,062,339,000 after purchasing an additional 1,083,540 shares in the last quarter. Capital World Investors purchased a new position in shares of Reddit in the 4th quarter valued at about $1,293,258,000. State Street Corp increased its stake in shares of Reddit by 6.0% in the 4th quarter. State Street Corp now owns 2,631,332 shares of the company’s stock valued at $604,864,000 after purchasing an additional 149,401 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Reddit by 4.7% in the 4th quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company’s stock worth $546,789,000 after purchasing an additional 106,821 shares during the period.

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.