Insider Selling: Reddit, Inc. (NYSE:RDDT) COO Sells $4,270,957.29 in Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $128.13, for a total value of $4,270,957.29. Following the completion of the transaction, the chief operating officer now directly owns 1,542,457 shares in the company, valued at approximately $197,635,015.41. This trade represents a 2.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Reddit Stock Performance

RDDT stock opened at $146.63 on Friday. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $158.49. The business has a 50 day moving average price of $92.06 and a two-hundred day moving average price of $71.24.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit’s quarterly revenue was up 67.9% compared to the same quarter last year. Equities research analysts forecast that Reddit, Inc. will post -3.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RDDT. ARK Investment Management LLC grew its holdings in Reddit by 120.5% during the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after purchasing an additional 192,785 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Reddit by 903.8% during the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after acquiring an additional 453,894 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in shares of Reddit during the 1st quarter worth approximately $7,363,000. Objective Capital Management LLC acquired a new position in shares of Reddit during the 3rd quarter worth approximately $391,000. Finally, VY Capital Management Co. Ltd. bought a new stake in Reddit in the 3rd quarter valued at $474,403,000.

Analyst Ratings Changes

A number of equities analysts have issued reports on RDDT shares. B. Riley restated a “buy” rating and set a $112.00 target price (up previously from $87.00) on shares of Reddit in a report on Wednesday, October 30th. Bank of America lifted their price objective on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Citigroup upped their target price on shares of Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group lifted their price target on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Finally, JMP Securities upped their price objective on shares of Reddit from $84.00 to $118.00 and gave the company a “market outperform” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.67.

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.