Insider Selling: Reddit, Inc. (NYSE:RDDT) Director Sells $572,000.00 in Stock

Reddit, Inc. (NYSE:RDDT) Director Mary Porter Gale sold 5,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $114.40, for a total value of $572,000.00. Following the sale, the director now owns 46,459 shares of the company’s stock, valued at approximately $5,314,909.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

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

• On Monday, August 12th, Mary Porter Gale sold 30,000 shares of Reddit stock. The shares were sold at an average price of $52.31, for a total value of $1,569,300.00.
• 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 value of $790,950.00.

Reddit Stock Up 8.6 %

Shares of Reddit stock opened at $131.47 on Friday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $133.25. The stock has a fifty day moving average price of $73.72 and a 200-day moving average price of $63.88.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business’s revenue for the quarter was up 67.9% compared to the same quarter last year. As a group, equities research analysts expect that Reddit, Inc. will post -3.63 EPS for the current year.

Institutional Trading of Reddit

Several hedge funds have recently made changes to their positions in RDDT. VY Capital Management Co. Ltd. bought a new position in shares of Reddit during the 3rd quarter worth $474,403,000. Inclusive Capital Partners L.P. purchased a new stake in Reddit during the first quarter valued at about $103,051,000. Vanguard Group Inc. bought a new position in Reddit during the first quarter worth about $82,167,000. Bank of New York Mellon Corp increased its stake in shares of Reddit by 10.1% in the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after purchasing an additional 153,282 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in shares of Reddit by 117.2% during the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after buying an additional 457,588 shares in the last quarter.

Analyst Upgrades and Downgrades

RDDT has been the subject of several recent analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $115.00 price objective (up previously from $70.00) on shares of Reddit in a research report on Wednesday, October 30th. Loop Capital raised their price target on shares of Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Bank of America upped their price objective on shares of Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Raymond James raised their target price on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. Finally, JPMorgan Chase & Co. upped their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $89.72.

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.