Insider Selling: Reddit, Inc. (NYSE:RDDT) COO Sells 33,333 Shares of Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction on 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 transaction, the chief operating officer now owns 1,466,119 shares in the company, valued at approximately $166,228,572.22. This trade represents a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Reddit Stock Down 2.4%

Shares of Reddit stock opened at $105.45 on Wednesday. The firm has a market cap of $19.46 billion, a PE ratio of -13.64, a P/E/G ratio of 4.72 and a beta of 2.90. The business’s fifty day moving average is $108.63 and its two-hundred day moving average is $145.59. Reddit, Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. The company had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Reddit’s revenue for the quarter was up 61.5% on a year-over-year basis. During the same quarter last year, the business earned ($8.19) EPS. Equities research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Institutional Trading of Reddit

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

Wall Street Analyst Weigh In

Several brokerages have commented on RDDT. JMP Securities restated a “market outperform” rating and set a $180.00 target price on shares of Reddit in a research report on Friday, May 2nd. Roth Capital restated a “neutral” rating on shares of Reddit in a research report on Friday, May 2nd. Oppenheimer began coverage on shares of Reddit in a research report on Wednesday, April 16th. They set an “outperform” rating and a $125.00 price target for the company. Sanford C. Bernstein upgraded Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 price target on the stock in a report on Friday, May 2nd. Finally, Raymond James reduced their price objective on Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a report on Wednesday, March 12th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and two have given a strong buy 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 $141.36.

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.