Reddit (NYSE:RDDT) Director Robert Sauerberg Sells 5,128 Shares

Reddit Inc. (NYSE:RDDT) Director Robert Sauerberg sold 5,128 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $159.92, for a total transaction of $820,069.76. Following the completion of the transaction, the director directly owned 27,087 shares of the company’s stock, valued at approximately $4,331,753.04. The trade was a 15.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Reddit Trading Down 0.9%

Reddit stock opened at $154.03 on Friday. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95. The stock’s fifty day simple moving average is $172.22 and its 200-day simple moving average is $158.43. The firm has a market capitalization of $29.64 billion, a P/E ratio of 35.82, a P/E/G ratio of 0.52 and a beta of 2.03.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.30. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The firm had revenue of $804.91 million for the quarter, compared to analysts’ expectations of $731.00 million. During the same quarter last year, the company earned $0.45 earnings per share. The firm’s revenue was up 61.0% compared to the same quarter last year. Sell-side analysts predict that Reddit Inc. will post 5.27 earnings per share for the current year.

Hedge Funds Weigh In On Reddit

Several hedge funds have recently bought and sold shares of RDDT. Sunbelt Securities Inc. increased its holdings in Reddit by 87.5% during the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after acquiring an additional 91 shares in the last quarter. Ascentis Independent Advisors purchased a new stake in shares of Reddit in the first quarter valued at about $30,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Reddit by 48.1% in the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock valued at $34,000 after purchasing an additional 64 shares in the last quarter. Beacon Investment Advisory Services Inc. acquired a new stake in shares of Reddit in the second quarter valued at approximately $35,000. Finally, Geneos Wealth Management Inc. grew its position in shares of Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after purchasing an additional 286 shares during the last quarter.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Wall Street Zen lowered Reddit from a “buy” rating to a “hold” rating in a report on Sunday, August 9th. Citigroup reaffirmed a “market outperform” rating on shares of Reddit in a research note on Monday. Oppenheimer decreased their price objective on Reddit from $225.00 to $200.00 and set an “outperform” rating for the company in a research report on Friday, July 31st. Telsey Advisory Group set a $240.00 target price on Reddit in a research note on Friday, July 31st. Finally, JPMorgan Chase & Co. dropped their target price on Reddit from $200.00 to $185.00 and set a “neutral” rating on the stock in a report on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, Reddit has a consensus rating of “Moderate Buy” and a consensus price target of $221.10.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.