Reddit, Inc. (NYSE:RDDT) CFO Andrew Vollero Sells 11,287 Shares

Reddit, Inc. (NYSE:RDDT) CFO Andrew Vollero sold 11,287 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the transaction, the chief financial officer now owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Reddit Stock Performance

Shares of NYSE RDDT opened at $66.17 on Friday. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $78.08. The firm’s 50-day moving average price is $59.47.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. The business’s quarterly revenue was up 53.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.70) earnings per share. As a group, equities analysts expect that Reddit, Inc. will post -4.17 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Needham & Company LLC restated a “buy” rating and issued a $75.00 target price on shares of Reddit in a research note on Wednesday. Loop Capital upgraded Reddit from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research note on Thursday, August 1st. JPMorgan Chase & Co. cut their target price on Reddit from $67.00 to $59.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Sanford C. Bernstein raised their target price on Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Monday, July 22nd. Finally, Cannonball Research assumed coverage on Reddit in a research note on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $66.12.

Hedge Funds Weigh In On Reddit

A number of large investors have recently modified their holdings of RDDT. Inclusive Capital Partners L.P. purchased a new position in shares of Reddit during the 1st quarter valued at about $103,051,000. Vanguard Group Inc. purchased a new position in Reddit in the 1st quarter worth approximately $82,167,000. Price T Rowe Associates Inc. MD purchased a new position in Reddit in the 1st quarter worth approximately $37,015,000. Blackstone Inc. purchased a new position in Reddit in the 1st quarter worth approximately $36,990,000. Finally, Marshall Wace LLP increased its stake in Reddit by 117.2% in the 2nd 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 period.

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.