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

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction on 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 transaction, the chief operating officer now owns 1,504,297 shares in the company, valued at $265,102,260.31. The trade was a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Reddit Stock Performance

RDDT stock traded down $8.14 during trading hours on Wednesday, hitting $160.65. The company’s stock had a trading volume of 7,759,958 shares, compared to its average volume of 5,183,557. The stock has a 50 day moving average price of $123.90 and a two-hundred day moving average price of $83.78. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $180.74.

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RDDT. JMP Securities increased their price target on Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a research report on Monday, November 25th. Raymond James raised their target price on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 10th. Piper Sandler restated an “overweight” rating and set a $150.00 price target (up previously from $115.00) on shares of Reddit in a report on Tuesday, November 19th. The Goldman Sachs Group raised their price objective on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Finally, Loop Capital boosted their target price on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and an average price target of $124.42.

Institutional Trading of Reddit

Several large investors have recently made changes to their positions in the stock. Whittier Trust Co. acquired a new stake in shares of Reddit in the third quarter worth $42,000. Daiwa Securities Group Inc. acquired a new position in Reddit during the 3rd quarter worth $85,000. UMB Bank n.a. acquired a new position in Reddit during the 2nd quarter worth $88,000. SOA Wealth Advisors LLC. boosted its holdings in Reddit by 56.3% during the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after acquiring an additional 691 shares during the period. Finally, Sanctuary Advisors LLC acquired a new stake in shares of Reddit in the third quarter valued at about $144,000.

About Reddit

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.