Insider Selling: Reddit (NYSE:RDDT) CFO Sells 500 Shares of Stock

Reddit Inc. (NYSE:RDDT) CFO Andrew Vollero sold 500 shares of Reddit stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $260.06, for a total value of $130,030.00. Following the transaction, the chief financial officer owned 255,618 shares of the company’s stock, valued at $66,476,017.08. The trade was a 0.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Andrew Vollero also recently made the following trade(s):

• On Tuesday, January 6th, Andrew Vollero sold 8,413 shares of Reddit stock. The shares were sold at an average price of $252.72, for a total transaction of $2,126,133.36.

Reddit Stock Down 0.6%

Reddit stock traded down $1.64 during trading hours on Thursday, hitting $253.87. The stock had a trading volume of 3,013,507 shares, compared to its average volume of 3,491,108. The stock’s 50-day moving average price is $217.70 and its 200-day moving average price is $206.10. The stock has a market capitalization of $48.11 billion, a P/E ratio of 145.90, a price-to-earnings-growth ratio of 1.72 and a beta of 2.17. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.30. The company had revenue of $584.91 million during the quarter, compared to analyst estimates of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The firm’s revenue for the quarter was up 67.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.16 EPS. On average, research analysts expect that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Reddit

A number of institutional investors and hedge funds have recently bought and sold shares of RDDT. Fulton Bank N.A. grew its position in shares of Reddit by 6.0% during the fourth quarter. Fulton Bank N.A. now owns 1,493 shares of the company’s stock worth $343,000 after purchasing an additional 85 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Reddit by 10.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 17,760 shares of the company’s stock valued at $4,508,000 after buying an additional 1,621 shares during the last quarter. Nordea Investment Management AB boosted its position in shares of Reddit by 4.3% during the fourth quarter. Nordea Investment Management AB now owns 1,151,360 shares of the company’s stock worth $265,273,000 after acquiring an additional 47,187 shares during the last quarter. Permanent Capital Management LP increased its holdings in Reddit by 6.2% in the 4th quarter. Permanent Capital Management LP now owns 2,390 shares of the company’s stock valued at $549,000 after acquiring an additional 140 shares during the last quarter. Finally, TrueWealth Advisors LLC purchased a new stake in Reddit in the 4th quarter worth $542,000.

Analyst Ratings Changes

Several equities analysts have issued reports on RDDT shares. China Renaissance assumed coverage on shares of Reddit in a research note on Tuesday, December 9th. They set a “buy” rating and a $300.00 target price on the stock. JMP Securities restated a “market outperform” rating and issued a $300.00 target price on shares of Reddit in a report on Friday, October 3rd. Morgan Stanley reaffirmed an “overweight” rating and issued a $250.00 target price on shares of Reddit in a research report on Friday, October 31st. JPMorgan Chase & Co. increased their price target on Reddit from $190.00 to $227.00 and gave the company a “neutral” rating in a report on Friday, October 31st. Finally, Wall Street Zen raised Reddit from a “hold” rating to a “buy” rating in a report on Sunday, December 14th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $230.65.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.