Christopher Brian Slowe Sells 21,000 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 21,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $146.01, for a total transaction of $3,066,210.00. Following the transaction, the chief technology officer now directly owns 297,925 shares of the company’s stock, valued at $43,500,029.25. The trade was a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Christopher Brian Slowe also recently made the following trade(s):

• On Tuesday, October 22nd, Christopher Brian Slowe sold 5,000 shares of Reddit stock. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00.
• On Monday, September 23rd, Christopher Brian Slowe sold 11,000 shares of Reddit stock. The stock was sold at an average price of $65.56, for a total value of $721,160.00.

Reddit Stock Down 7.2 %

Shares of RDDT stock opened at $146.67 on Friday. The firm’s 50 day moving average price is $92.06 and its two-hundred day moving average price is $71.40. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $158.49.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit’s revenue for the quarter was up 67.9% on a year-over-year basis. As a group, sell-side analysts expect that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RDDT. B. Riley reissued a “buy” rating and set a $112.00 price target (up from $87.00) on shares of Reddit in a report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their target price 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. Roth Mkm increased their price target on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. JMP Securities lifted their price objective on Reddit from $84.00 to $118.00 and gave the company a “market outperform” rating in a research report on Wednesday, October 30th. Finally, Sanford C. Bernstein increased their target price on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $91.67.

Institutional Trading of Reddit

A number of institutional investors and hedge funds have recently modified their holdings of the stock. ARK Investment Management LLC grew its holdings in Reddit by 120.5% during the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after purchasing an additional 192,785 shares during the period. Victory Capital Management Inc. boosted its position in shares of Reddit by 903.8% during the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after purchasing an additional 453,894 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new position in shares of Reddit in the 1st quarter valued at $7,363,000. Objective Capital Management LLC bought a new stake in shares of Reddit in the 3rd quarter valued at $391,000. Finally, VY Capital Management Co. Ltd. acquired a new stake in Reddit during the 3rd quarter worth $474,403,000.

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.