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 stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the sale, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at $265,102,260.31. This trade represents a 2.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Reddit Stock Up 1.9 %

Shares of Reddit stock opened at $163.72 on Friday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $180.74. The business has a fifty day simple moving average of $125.78 and a 200 day simple moving average of $84.34.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm’s revenue was up 67.9% compared to the same quarter last year. As a group, equities research analysts expect that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Reddit

Several large investors have recently bought and sold shares of the company. FMR LLC increased its holdings in shares of Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. acquired a new stake in Reddit during the 3rd quarter worth approximately $474,403,000. Holocene Advisors LP lifted its stake in Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after buying an additional 1,923,109 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after buying an additional 2,225,895 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Reddit by 10.1% during the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after acquiring an additional 153,282 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RDDT. Bank of America raised their price objective on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Robert W. Baird boosted their price objective on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Morgan Stanley upgraded Reddit from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $70.00 to $200.00 in a research note on Monday, December 9th. Needham & Company LLC upped their price target on shares of Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Finally, JMP Securities raised their price objective on shares of Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a research report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $124.42.

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.