Jennifer L. Wong Sells 50,000 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total value of $3,250,500.00. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares in the company, valued at $100,275,129.57. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Reddit Price Performance

Shares of NYSE RDDT opened at $66.97 on Wednesday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $78.08. The company’s fifty day moving average is $59.31.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) EPS 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. During the same period in the prior year, the company posted ($0.70) earnings per share. Reddit’s quarterly revenue was up 53.6% compared to the same quarter last year. On average, research analysts anticipate that Reddit, Inc. will post -4.17 earnings per share 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. BNP Paribas Financial Markets acquired a new stake in Reddit during the 1st quarter valued at $37,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of Reddit during the first quarter valued at $63,000. SOA Wealth Advisors LLC. acquired a new position in Reddit during the second quarter valued at $78,000. Sandia Investment Management LP purchased a new stake in Reddit in the 1st quarter worth about $79,000. Finally, UMB Bank n.a. acquired a new stake in Reddit during the 2nd quarter worth about $88,000.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RDDT. Needham & Company LLC restated a “buy” rating and set a $75.00 price objective on shares of Reddit in a research note on Wednesday, September 18th. Piper Sandler increased their target price on shares of Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Roth Mkm dropped their price target on shares of Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Bank of America increased their price objective on shares of Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Cannonball Research started coverage on Reddit in a research report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus price target of $66.12.

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.