Christopher Brian Slowe Sells 14,000 Shares of Reddit (NYSE:RDDT) Stock

Reddit Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 14,000 shares of the firm’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $233.53, for a total value of $3,269,420.00. Following the completion of the sale, the chief technology officer directly owned 171,694 shares in the company, valued at approximately $40,095,699.82. This represents a 7.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Christopher Brian Slowe also recently made the following trade(s):

• On Monday, December 8th, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The stock was sold at an average price of $233.99, for a total value of $3,275,860.00.
• On Monday, November 24th, Christopher Brian Slowe sold 24,000 shares of Reddit stock. The shares were sold at an average price of $192.72, for a total value of $4,625,280.00.
• On Monday, November 10th, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The stock was sold at an average price of $204.43, for a total value of $2,862,020.00.
• On Wednesday, October 22nd, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The shares were sold at an average price of $197.10, for a total value of $2,759,400.00.
• On Wednesday, October 8th, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The stock was sold at an average price of $200.81, for a total transaction of $2,811,340.00.

Reddit Trading Up 4.0%

NYSE:RDDT traded up $8.93 during trading hours on Monday, hitting $234.70. 3,690,165 shares of the company traded hands, compared to its average volume of 3,905,373. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95. The firm has a 50-day moving average of $212.00 and a 200 day moving average of $200.97. The stock has a market capitalization of $44.48 billion, a price-to-earnings ratio of 134.88, a P/E/G ratio of 2.49 and a beta of 2.17.

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

Institutional Trading of Reddit

Several hedge funds have recently modified their holdings of the company. Alliancebernstein L.P. boosted its holdings in shares of Reddit by 103.0% in the 1st quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock worth $593,733,000 after acquiring an additional 2,871,232 shares in the last quarter. Norges Bank acquired a new position in Reddit in the second quarter worth $294,254,000. Vanguard Group Inc. grew its holdings in shares of Reddit by 12.9% during the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after purchasing an additional 1,401,293 shares during the last quarter. Amundi increased its stake in shares of Reddit by 2,060.5% in the second quarter. Amundi now owns 1,307,231 shares of the company’s stock valued at $208,294,000 after buying an additional 1,246,725 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Reddit by 419.0% in the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock valued at $342,212,000 after buying an additional 1,201,237 shares during the last quarter.

Analyst Ratings Changes

RDDT has been the subject of a number of recent research reports. JPMorgan Chase & Co. upped their target price on Reddit from $190.00 to $227.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Truist Financial set a $270.00 price objective on shares of Reddit in a research note on Friday, October 31st. China Renaissance assumed coverage on shares of Reddit in a report on Tuesday, December 9th. They set a “buy” rating and a $300.00 price objective for the company. Weiss Ratings reissued a “hold (c-)” rating on shares of Reddit in a research note on Monday, December 22nd. Finally, Bank of America increased their price target on shares of Reddit from $180.00 to $210.00 and gave the stock a “neutral” rating in a research report on Friday, October 31st. Three research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $230.28.

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.