Reddit, Inc. (NYSE:RDDT) CAO Sells $1,883,410.65 in Stock

Reddit, Inc. (NYSE:RDDT) CAO Michelle Marie Reynolds sold 11,965 shares of Reddit stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the completion of the transaction, the chief accounting officer now directly owns 48,418 shares of the company’s stock, valued at $7,621,477.38. The trade was a 19.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Reddit Stock Performance

Shares of RDDT stock opened at $150.92 on Friday. The firm’s 50 day moving average price is $182.40 and its 200-day moving average price is $129.91. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41. The firm has a market cap of $27.30 billion and a P/E ratio of -19.52.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. As a group, research analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RDDT. Roth Mkm cut shares of Reddit from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. The Goldman Sachs Group boosted their target price on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. Loop Capital boosted their target price on shares of Reddit from $180.00 to $210.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Needham & Company LLC boosted their target price on shares of Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Finally, JMP Securities boosted their target price on shares of Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $175.95.

Institutional Investors Weigh In On Reddit

A number of large investors have recently modified their holdings of the company. Plato Investment Management Ltd acquired a new position in shares of Reddit in the 4th quarter valued at $27,000. EverSource Wealth Advisors LLC acquired a new stake in Reddit during the 4th quarter worth $28,000. Ridgewood Investments LLC lifted its stake in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the period. Farmers & Merchants Investments Inc. acquired a new stake in shares of Reddit in the 4th quarter worth $33,000. Finally, Bogart Wealth LLC acquired a new stake in shares of Reddit in the 4th quarter worth $33,000.

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.