Mary Porter Gale Sells 5,000 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) Director Mary Porter Gale sold 5,000 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $114.40, for a total value of $572,000.00. Following the transaction, the director now directly owns 46,459 shares of the company’s stock, valued at approximately $5,314,909.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Mary Porter Gale also recently made the following trade(s):

• On Monday, August 12th, Mary Porter Gale sold 30,000 shares of Reddit stock. The stock was sold at an average price of $52.31, for a total value of $1,569,300.00.
• On Friday, August 9th, Mary Porter Gale sold 15,000 shares of Reddit stock. The shares were sold at an average price of $52.73, for a total transaction of $790,950.00.

Reddit Trading Down 1.2 %

NYSE RDDT opened at $121.07 on Thursday. The stock has a 50-day simple moving average of $73.72 and a two-hundred day simple moving average of $63.88. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $124.93.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. On average, research analysts anticipate that Reddit, Inc. will post -3.63 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on RDDT. Piper Sandler reiterated an “overweight” rating and set a $115.00 price objective (up previously from $70.00) on shares of Reddit in a research report on Wednesday, October 30th. JMP Securities increased their price target on Reddit from $84.00 to $118.00 and gave the stock a “market outperform” rating in a research report on Wednesday, October 30th. B. Riley restated a “buy” rating and issued a $112.00 price target (up from $87.00) on shares of Reddit in a report on Wednesday, October 30th. Roth Mkm boosted their price target on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $89.72.

Hedge Funds Weigh In On Reddit

Institutional investors have recently made changes to their positions in the company. VY Capital Management Co. Ltd. acquired a new stake in Reddit during the third quarter valued at $474,403,000. Inclusive Capital Partners L.P. purchased a new stake in shares of Reddit during the 1st quarter worth about $103,051,000. Vanguard Group Inc. purchased a new stake in shares of Reddit during the 1st quarter worth about $82,167,000. Bank of New York Mellon Corp grew its position in shares of Reddit by 10.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after acquiring an additional 153,282 shares during the period. Finally, Marshall Wace LLP increased its stake in shares of Reddit by 117.2% in the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after purchasing an additional 457,588 shares in the last quarter.

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.