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 company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $125.22, for a total value of $4,173,958.26. Following the transaction, the chief operating officer now directly owns 1,466,119 shares in the company, valued at $183,587,421.18. The trade was a 2.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Reddit Trading Down 0.4 %

RDDT traded down $0.49 during midday trading on Wednesday, reaching $109.62. The company’s stock had a trading volume of 9,490,917 shares, compared to its average volume of 5,715,228. The stock has a market cap of $19.83 billion and a P/E ratio of -14.18. The company has a fifty day simple moving average of $173.50 and a 200 day simple moving average of $134.41. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41.

Reddit (NYSE:RDDT) last released its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Sell-side analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current year.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RDDT. FMR LLC grew its holdings in shares of Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company’s stock worth $2,136,288,000 after purchasing an additional 913,189 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of Reddit during the 4th quarter worth approximately $494,861,000. Holocene Advisors LP grew its holdings in shares of Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after purchasing an additional 1,923,109 shares in the last quarter. Finally, Alliancebernstein L.P. grew its holdings in shares of Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after purchasing an additional 2,537,768 shares in the last quarter.

Wall Street Analysts Forecast Growth

RDDT has been the topic of several research reports. JPMorgan Chase & Co. upped their target price on Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Jefferies Financial Group upped their target price on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. 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. Redburn Partners set a $75.00 target price on Reddit in a research report on Monday. Finally, Bank of America upped 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. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $164.50.

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.