Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe Sells 5,000 Shares

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 5,000 shares of Reddit stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00. Following the completion of the transaction, the chief technology officer now directly owns 35,252 shares of the company’s stock, valued at $6,491,655.80. This trade represents a 12.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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

• On Monday, December 23rd, Christopher Brian Slowe sold 11,000 shares of Reddit stock. The shares were sold at an average price of $169.85, for a total transaction of $1,868,350.00.
• On Friday, November 22nd, Christopher Brian Slowe sold 21,000 shares of Reddit stock. The shares were sold at an average price of $146.01, for a total value of $3,066,210.00.

Reddit Stock Up 0.1 %

Shares of Reddit stock opened at $182.24 on Friday. The company has a fifty day moving average of $163.38 and a 200 day moving average of $104.22. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $191.00.

Reddit (NYSE:RDDT) last released its earnings results 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 during the quarter, compared to analysts’ expectations of $313.61 million. The business’s quarterly revenue was up 67.9% compared to the same quarter last year. On average, analysts anticipate that Reddit, Inc. will post -3.48 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on RDDT shares. Robert W. Baird upped their price target on Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Guggenheim started coverage on shares of Reddit in a report on Friday, December 20th. They set a “buy” rating and a $210.00 price target on the stock. Wells Fargo & Company started coverage on shares of Reddit in a report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price objective for the company. Jefferies Financial Group raised their target price on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Sanford C. Bernstein increased their price target on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $158.20.

Hedge Funds Weigh In On Reddit

Several hedge funds have recently modified their holdings of the stock. Hsbc Holdings PLC purchased a new position in Reddit during the second quarter valued at $203,000. Marshall Wace LLP increased its holdings in shares of Reddit by 117.2% in the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after purchasing an additional 457,588 shares during the last quarter. Maverick Capital Ltd. increased its holdings in shares of Reddit by 147.4% in the second quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock worth $47,416,000 after purchasing an additional 442,145 shares during the last quarter. Scientech Research LLC boosted its stake in Reddit by 120.0% during the second quarter. Scientech Research LLC now owns 19,432 shares of the company’s stock valued at $1,242,000 after buying an additional 10,601 shares during the last quarter. Finally, Truist Financial Corp purchased a new position in Reddit during the 2nd quarter valued at approximately $266,000.

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.