Reddit (NYSE:RDDT) COO Jennifer Wong Sells 33,507 Shares

Reddit Inc. (NYSE:RDDT) COO Jennifer Wong sold 33,507 shares of the business’s stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $143.41, for a total value of $4,805,238.87. Following the completion of the sale, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at $156,094,757.91. This trade represents a 2.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Reddit Price Performance

NYSE RDDT traded up $2.06 on Friday, reaching $140.18. The stock had a trading volume of 6,521,774 shares, compared to its average volume of 5,689,021. The company has a market cap of $26.78 billion, a P/E ratio of 53.50, a price-to-earnings-growth ratio of 1.04 and a beta of 2.40. The firm has a fifty day moving average of $168.76 and a two-hundred day moving average of $202.82. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The company had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. During the same quarter in the previous year, the business posted $0.36 earnings per share. Reddit’s quarterly revenue was up 69.7% on a year-over-year basis. Research analysts predict that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RDDT. Wall Street Zen raised shares of Reddit from a “hold” rating to a “buy” rating in a report on Sunday, March 15th. Wells Fargo & Company set a $196.00 price target on Reddit in a research report on Monday, February 9th. China Renaissance assumed coverage on Reddit in a research note on Tuesday, December 9th. They set a “buy” rating and a $300.00 price objective on the stock. Truist Financial lifted their price objective on Reddit from $270.00 to $275.00 and gave the company a “buy” rating in a report on Friday, February 6th. Finally, Guggenheim increased their target price on Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $242.19.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Purpose Unlimited Inc. bought a new stake in Reddit during the fourth quarter worth $383,000. Rockefeller Capital Management L.P. increased its stake in shares of Reddit by 3.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 11,697 shares of the company’s stock valued at $2,689,000 after purchasing an additional 340 shares during the last quarter. World Investment Advisors raised its holdings in shares of Reddit by 37.4% during the 4th quarter. World Investment Advisors now owns 2,533 shares of the company’s stock worth $582,000 after buying an additional 689 shares in the last quarter. Corient Private Wealth LLC lifted its position in shares of Reddit by 58.5% during the 4th quarter. Corient Private Wealth LLC now owns 8,491 shares of the company’s stock worth $1,949,000 after buying an additional 3,134 shares during the last quarter. Finally, SHP Wealth Management bought a new stake in shares of Reddit during the 4th quarter worth $78,000.

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.