Jennifer L. Wong Sells 33,334 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,334 shares of Reddit 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 owns 1,504,297 shares of the company’s stock, valued at approximately $261,642,377.21. This represents a 2.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Reddit Stock Up 7.7 %

Shares of RDDT stock traded up $13.41 during mid-day trading on Tuesday, reaching $188.74. The stock had a trading volume of 7,447,273 shares, compared to its average volume of 4,995,296. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $191.00. The business’s fifty day moving average is $158.98 and its 200-day moving average is $101.53.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The company’s revenue for the quarter was up 67.9% on a year-over-year basis. Equities analysts expect that Reddit, Inc. will post -3.48 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Loop Capital raised their price target on Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Raymond James lifted their price target on shares of Reddit from $150.00 to $200.00 and gave the stock a “strong-buy” rating in a research note on Tuesday. JPMorgan Chase & Co. raised their price objective on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $70.00 to $200.00 in a research note on Monday, December 9th. Finally, Sanford C. Bernstein raised their price target on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $154.25.

Institutional Investors Weigh In On Reddit

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Arkfeld Wealth Strategies L.L.C. acquired a new stake in shares of Reddit during the 4th quarter worth approximately $373,000. Conway Capital Management Inc. purchased a new stake in Reddit during the fourth quarter worth $335,000. Janney Montgomery Scott LLC grew its position in Reddit by 31.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 8,786 shares of the company’s stock valued at $1,436,000 after buying an additional 2,096 shares during the period. West Branch Capital LLC acquired a new stake in Reddit during the fourth quarter valued at $245,000. Finally, Harbor Investment Advisory LLC purchased a new position in Reddit in the fourth quarter valued at $147,000.

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.