Insider Selling: Reddit, Inc. (NYSE:RDDT) COO Sells 33,333 Shares of Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $187.72, for a total value of $6,257,270.76. Following the completion of the sale, the chief operating officer now owns 1,504,297 shares in the company, valued at $282,386,632.84. This represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Reddit Trading Down 7.6 %

Shares of NYSE RDDT opened at $175.18 on Friday. The business’s 50 day moving average price is $184.25 and its 200-day moving average price is $122.41. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on RDDT shares. Wells Fargo & Company boosted their target price on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Bank of America boosted their target price on Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Needham & Company LLC boosted their target price on Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Finally, Guggenheim initiated coverage on Reddit in a research report on Friday, December 20th. They issued a “buy” rating and a $210.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit has an average rating of “Moderate Buy” and a consensus price target of $175.45.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mackenzie Financial Corp bought a new stake in Reddit during the 4th quarter valued at $316,000. Cache Advisors LLC purchased a new position in Reddit in the 4th quarter worth $3,269,000. GF Fund Management CO. LTD. purchased a new position in Reddit in the 4th quarter worth $7,674,000. Fourth Dimension Wealth LLC purchased a new position in Reddit in the 4th quarter worth $49,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in shares of Reddit during the 4th quarter valued at about $149,000.

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.