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 company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $176.23, for a total value of $5,874,274.59. Following the completion of the sale, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at $265,102,260.31. The trade was a 2.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Reddit Stock Performance

Shares of RDDT traded down $8.14 during midday trading on Wednesday, hitting $160.65. 7,759,958 shares of the stock traded hands, compared to its average volume of 5,183,557. The business’s 50 day moving average price is $123.90 and its two-hundred day moving average price is $83.78. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $180.74.

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

Hedge Funds Weigh In On Reddit

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RDDT. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Reddit in the second quarter worth approximately $19,876,000. Raymond James & Associates lifted its holdings in Reddit by 706.1% in the 2nd quarter. Raymond James & Associates now owns 42,641 shares of the company’s stock valued at $2,724,000 after acquiring an additional 37,351 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Reddit by 10.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after acquiring an additional 153,282 shares during the last quarter. ARK Investment Management LLC boosted its position in shares of Reddit by 1,491.2% during the 2nd quarter. ARK Investment Management LLC now owns 159,936 shares of the company’s stock valued at $10,218,000 after purchasing an additional 149,885 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in shares of Reddit in the 2nd quarter worth approximately $1,201,000.

Wall Street Analysts Forecast Growth

RDDT has been the subject of a number of analyst reports. The Goldman Sachs Group upped their price objective on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Citigroup lifted their price target on shares of Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. increased their price objective on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. B. Riley reissued a “buy” rating and issued a $112.00 target price (up previously from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. Finally, Jefferies Financial Group increased their price target on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price 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.