Insider Selling: Reddit, Inc. (NYSE:RDDT) Director Sells 30,000 Shares of Stock

Reddit, Inc. (NYSE:RDDT) Director Mary Porter Gale sold 30,000 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the sale, the director now owns 71,459 shares in the company, valued at $3,738,020.29. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Mary Porter Gale also recently made the following trade(s):

• On Friday, August 9th, Mary Porter Gale sold 15,000 shares of Reddit stock. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00.

Reddit Price Performance

Shares of NYSE RDDT traded up $2.01 during mid-day trading on Tuesday, reaching $54.52. The company had a trading volume of 3,961,255 shares, compared to its average volume of 4,548,105. The stock has a 50 day simple moving average of $63.05. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $78.08.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. During the same period last year, the business earned ($0.70) earnings per share. The company’s quarterly revenue was up 53.6% on a year-over-year basis. As a group, sell-side analysts forecast that Reddit, Inc. will post -4.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on RDDT shares. Deutsche Bank Aktiengesellschaft increased their target price on shares of Reddit from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Loop Capital upgraded shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a report on Thursday, August 1st. Piper Sandler raised their price objective on shares of Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. The Goldman Sachs Group raised their price objective on shares of Reddit from $40.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, May 9th. Finally, Needham & Company LLC restated a “buy” rating and issued a $75.00 price objective on shares of Reddit in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.56.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RDDT. Global Retirement Partners LLC purchased a new position in Reddit during the 1st quarter worth $27,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit in the first quarter valued at about $37,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Reddit in the first quarter valued at about $63,000. SOA Wealth Advisors LLC. purchased a new stake in shares of Reddit in the second quarter valued at about $78,000. Finally, Sandia Investment Management LP purchased a new stake in shares of Reddit in the first quarter valued at about $79,000.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.