Jennifer Wong Sells 27,159 Shares of Reddit (NYSE:RDDT) Stock

Reddit Inc. (NYSE:RDDT) COO Jennifer Wong sold 27,159 shares of the company’s stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $225.73, for a total value of $6,130,601.07. Following the completion of the sale, the chief operating officer directly owned 1,157,369 shares in the company, valued at $261,252,904.37. This trade represents a 2.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Reddit Stock Up 2.3%

Shares of RDDT traded up $4.83 during mid-day trading on Thursday, reaching $214.96. 2,694,681 shares of the company’s stock were exchanged, compared to its average volume of 4,467,550. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95. The company has a market cap of $40.73 billion, a price-to-earnings ratio of 123.54, a PEG ratio of 1.51 and a beta of 2.17. The company has a 50-day simple moving average of $224.45 and a two-hundred day simple moving average of $212.07.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, October 30th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.50 by $0.30. The firm had revenue of $584.91 million during the quarter, compared to analysts’ expectations of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. Reddit’s revenue for the quarter was up 67.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.16 EPS. As a group, equities research analysts predict that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Huntington National Bank grew its position in Reddit by 25.6% in the third quarter. Huntington National Bank now owns 270 shares of the company’s stock worth $62,000 after acquiring an additional 55 shares in the last quarter. Roxbury Financial LLC lifted its position in Reddit by 7.4% during the 4th quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after acquiring an additional 64 shares during the last quarter. Resona Asset Management Co. Ltd. boosted its stake in Reddit by 0.3% during the 2nd quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company’s stock valued at $3,023,000 after purchasing an additional 65 shares during the period. AdvisorNet Financial Inc boosted its position in shares of Reddit by 2.8% in the third quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock valued at $567,000 after acquiring an additional 66 shares during the period. Finally, Kingswood Wealth Advisors LLC grew its stake in shares of Reddit by 5.0% in the third quarter. Kingswood Wealth Advisors LLC now owns 1,439 shares of the company’s stock worth $331,000 after acquiring an additional 69 shares during the last quarter.

Wall Street Analyst Weigh In

Several equities analysts recently commented on RDDT shares. Wells Fargo & Company upped their price target on Reddit from $186.00 to $207.00 and gave the stock an “equal weight” rating in a report on Monday, January 12th. China Renaissance began coverage on shares of Reddit in a research report on Tuesday, December 9th. They set a “buy” rating and a $300.00 price target on the stock. Piper Sandler restated an “overweight” rating on shares of Reddit in a research note on Monday, December 1st. Truist Financial set a $270.00 target price on Reddit in a research report on Friday, October 31st. Finally, JMP Securities reiterated a “market outperform” rating and issued a $300.00 price target on shares of Reddit in a report on Friday, October 3rd. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $244.11.

About Reddit

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.