Insider Selling: Reddit, Inc. (NYSE:RDDT) COO Sells 33,334 Shares of Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $173.93, for a total value of $5,797,782.62. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at approximately $261,642,377.21. The trade was a 2.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Reddit Trading Down 2.4 %

NYSE:RDDT opened at $183.79 on Thursday. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $191.00. The company has a fifty day moving average of $160.20 and a 200-day moving average of $102.35.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s revenue for the quarter was up 67.9% on a year-over-year basis. On average, sell-side analysts predict that Reddit, Inc. will post -3.48 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Citigroup boosted their price target on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, December 20th. JPMorgan Chase & Co. upped their price target on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. Morgan Stanley raised shares of Reddit from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $70.00 to $200.00 in a research note on Monday, December 9th. B. Riley boosted their price objective on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Finally, Piper Sandler raised their target price on Reddit from $150.00 to $197.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.20.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RDDT. FMR LLC increased its holdings in shares of Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after acquiring an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. bought a new stake in Reddit during the 3rd quarter valued at $474,403,000. Holocene Advisors LP raised its holdings in Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after buying an additional 1,923,109 shares during the last quarter. Point72 Asset Management L.P. lifted its stake in shares of Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after buying an additional 2,225,895 shares in the last quarter. Finally, Lord Abbett & CO. LLC grew its holdings in shares of Reddit by 1,519.4% during the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after buying an additional 1,548,450 shares during the last quarter.

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.