Reddit, Inc. (NYSE:RDDT) CTO Sells $1,868,350.00 in Stock

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 11,000 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $169.85, for a total value of $1,868,350.00. Following the sale, the chief technology officer now owns 324,837 shares in the company, valued at $55,173,564.45. The trade was a 3.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

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

• On Friday, November 22nd, Christopher Brian Slowe sold 21,000 shares of Reddit stock. The stock was sold at an average price of $146.01, for a total value of $3,066,210.00.
• On Tuesday, October 22nd, Christopher Brian Slowe sold 5,000 shares of Reddit stock. The shares were sold at an average price of $77.48, for a total value of $387,400.00.

Reddit Stock Down 1.8 %

Shares of Reddit stock opened at $173.54 on Friday. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $182.20. The stock’s fifty day moving average is $137.51 and its 200-day moving average is $89.33.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The company’s revenue was up 67.9% on a year-over-year basis. As a group, sell-side analysts predict that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

Hedge Funds Weigh In On Reddit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC raised its stake in Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after purchasing an additional 9,139,196 shares during the period. VY Capital Management Co. Ltd. acquired a new position in Reddit during the third quarter valued at $474,403,000. Point72 Asset Management L.P. lifted its stake in Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after acquiring an additional 2,225,895 shares in the last quarter. Holocene Advisors LP lifted its stake in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after acquiring an additional 1,923,109 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its position in Reddit by 1,519.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after acquiring an additional 1,548,450 shares during the period.

Analysts Set New Price Targets

A number of research firms recently weighed in on RDDT. JPMorgan Chase & Co. increased their price objective on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. Roth Mkm lifted their price target on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Wells Fargo & Company began coverage on Reddit in a research report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price objective for the company. Sanford C. Bernstein raised their target price on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. Finally, Needham & Company LLC boosted their price target on Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $132.70.

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.