Reddit (NYSE:RDDT) COO Jennifer Wong Sells 39,166 Shares of Stock

Reddit Inc. (NYSE:RDDT) COO Jennifer Wong sold 39,166 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total value of $6,930,032.04. Following the completion of the transaction, the chief operating officer directly owned 1,050,339 shares in the company, valued at $185,846,982.66. This represents a 3.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Reddit Stock Up 5.7%

RDDT opened at $175.38 on Friday. The firm has a market cap of $33.76 billion, a PE ratio of 50.11 and a beta of 1.91. The business has a fifty day simple moving average of $160.32 and a 200-day simple moving average of $175.69. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. During the same period in the previous year, the firm earned $0.13 earnings per share. Reddit’s revenue for the quarter was up 69.1% compared to the same quarter last year. On average, equities research analysts anticipate that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Institutional Investors Weigh In On Reddit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after buying an additional 1,401,293 shares in the last quarter. Truist Financial Corp increased its position in Reddit by 67.7% in the 4th quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock valued at $3,600,000 after acquiring an additional 6,321 shares in the last quarter. Swiss Life Asset Management Ltd increased its position in Reddit by 63.2% in the 4th quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock valued at $7,357,000 after acquiring an additional 12,398 shares in the last quarter. WT Asset Management Ltd bought a new position in shares of Reddit in the third quarter worth about $92,973,000. Finally, Calamos Advisors LLC bought a new position in shares of Reddit in the fourth quarter worth about $2,299,000.

Wall Street Analysts Forecast Growth

Several research analysts have commented on RDDT shares. Rothschild & Co Redburn set a $110.00 target price on shares of Reddit in a report on Monday, April 27th. Cantor Fitzgerald boosted their price target on shares of Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Wall Street Zen downgraded shares of Reddit from a “buy” rating to a “hold” rating in a research report on Sunday, May 10th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $200.00 price objective on shares of Reddit in a research note on Friday, May 1st. Finally, Raymond James Financial set a $180.00 target price on shares of Reddit and gave the company a “market perform” rating in a research note on Friday, May 1st. Eighteen analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat, Reddit presently has an average rating of “Moderate Buy” and a consensus target price of $230.75.

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.