Jennifer L. Wong Sells 33,333 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $113.38, for a total value of $3,779,295.54. Following the sale, the chief operating officer now directly owns 1,466,119 shares in the company, valued at $166,228,572.22. This trade represents a 2.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Reddit Trading Up 2.9%

Shares of RDDT stock opened at $98.66 on Friday. The business’s 50 day moving average is $107.45 and its two-hundred day moving average is $145.18. Reddit, Inc. has a twelve month low of $49.13 and a twelve month high of $230.41. The company has a market capitalization of $18.21 billion, a P/E ratio of -12.76, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.11. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The company had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. During the same period last year, the business posted ($8.19) EPS. The company’s revenue was up 61.5% on a year-over-year basis. As a group, equities analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC grew its stake in shares of Reddit by 7.5% in the 4th quarter. FMR LLC now owns 13,070,780 shares of the company’s stock valued at $2,136,288,000 after purchasing an additional 913,189 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Reddit by 11.1% in the first quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company’s stock valued at $1,069,828,000 after buying an additional 1,017,162 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of Reddit by 103.0% in the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock valued at $593,733,000 after buying an additional 2,871,232 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in shares of Reddit by 10.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,073,939 shares of the company’s stock valued at $427,357,000 after buying an additional 389,761 shares in the last quarter. Finally, Jennison Associates LLC purchased a new stake in shares of Reddit in the fourth quarter valued at approximately $494,861,000.

Analysts Set New Price Targets

RDDT has been the topic of several research analyst reports. JPMorgan Chase & Co. cut their target price on Reddit from $185.00 to $110.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Truist Financial initiated coverage on Reddit in a research report on Monday, April 7th. They set a “buy” rating and a $150.00 target price on the stock. Piper Sandler reissued an “overweight” rating and set a $150.00 target price (up previously from $140.00) on shares of Reddit in a research report on Friday, May 2nd. JMP Securities reissued a “market outperform” rating and set a $180.00 target price on shares of Reddit in a research report on Friday, May 2nd. Finally, Citigroup raised their target price on Reddit from $150.00 to $158.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and an average target price of $140.45.

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.