Reddit, Inc. (NYSE:RDDT) CFO Sells $12,408,000.00 in Stock

Reddit, Inc. (NYSE:RDDT) CFO Andrew Vollero sold 100,000 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $12,408,000.00. Following the completion of the sale, the chief financial officer now directly owns 499,295 shares of the company’s stock, valued at $61,952,523.60. The trade was a 16.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Andrew Vollero also recently made the following trade(s):

• On Monday, February 24th, Andrew Vollero sold 48,122 shares of Reddit stock. The shares were sold at an average price of $162.80, for a total value of $7,834,261.60.

Reddit Trading Down 2.4 %

NYSE RDDT opened at $107.57 on Friday. The firm has a market cap of $19.46 billion and a PE ratio of -13.92. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41. The stock has a 50-day moving average of $165.95 and a 200-day moving average of $136.71.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share 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%. As a group, equities research analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Robert W. Baird upped their price objective on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note 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. B. Riley upped their price target on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Finally, JMP Securities set a $155.00 price objective on Reddit in a report on Friday. Two analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $165.71.

Hedge Funds Weigh In On Reddit

Hedge funds have recently modified their holdings of the company. Prospera Financial Services Inc purchased a new stake in shares of Reddit during the third quarter worth about $248,000. Charles Schwab Investment Management Inc. raised its position in Reddit by 194.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company’s stock valued at $33,179,000 after purchasing an additional 332,604 shares during the last quarter. Cerity Partners LLC purchased a new stake in Reddit in the 3rd quarter worth approximately $446,000. Kingsview Wealth Management LLC bought a new stake in shares of Reddit in the 3rd quarter worth approximately $251,000. Finally, Penserra Capital Management LLC increased its stake in shares of Reddit by 63.1% during the third quarter. Penserra Capital Management LLC now owns 48,945 shares of the company’s stock valued at $3,226,000 after buying an additional 18,932 shares during the period.

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.