Jennifer L. Wong Sells 33,333 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the transaction, the chief operating officer now directly owns 1,466,119 shares of the company’s stock, valued at approximately $183,587,421.18. This represents a 2.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Reddit Trading Down 1.1 %

RDDT stock opened at $108.68 on Friday. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The company has a market capitalization of $19.66 billion and a price-to-earnings ratio of -14.06. The firm’s 50-day moving average is $172.23 and its two-hundred day moving average is $134.23.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jennison Associates LLC bought a new stake in Reddit in the fourth quarter worth approximately $494,861,000. Renaissance Capital LLC raised its stake in Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after purchasing an additional 3,892 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Reddit by 27.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after buying an additional 139,135 shares in the last quarter. Assetmark Inc. raised its stake in shares of Reddit by 1,537,566.7% in the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock valued at $7,539,000 after buying an additional 46,127 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Reddit by 3,640.5% in the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after buying an additional 248,499 shares in the last quarter.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several recent analyst reports. Piper Sandler raised their price objective on shares of Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Bank of America lifted their price target on shares of Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Morgan Stanley lifted their price target on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. JPMorgan Chase & Co. lifted their price target on shares of Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Finally, Jefferies Financial Group lifted their price target on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $162.68.

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.