Jennifer L. Wong Sells 33,333 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $128.13, for a total transaction of $4,270,957.29. Following the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $197,635,015.41. This trade represents a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Reddit Trading Down 7.2 %

Shares of RDDT opened at $146.63 on Friday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $158.49. The business’s fifty day moving average is $92.06 and its 200-day moving average is $71.24.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business’s quarterly revenue was up 67.9% on a year-over-year basis. Research analysts forecast that Reddit, Inc. will post -3.63 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on RDDT. Cannonball Research started coverage on Reddit in a report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price target for the company. Loop Capital lifted their target price on Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Roth Mkm upped their price target on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Piper Sandler reiterated an “overweight” rating and issued a $150.00 price objective (up previously from $115.00) on shares of Reddit in a research note on Tuesday. Finally, Needham & Company LLC increased their target price on shares of Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $91.67.

Hedge Funds Weigh In On Reddit

A number of institutional investors have recently added to or reduced their stakes in the stock. SOA Wealth Advisors LLC. boosted its position in Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after buying an additional 691 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Reddit by 176.0% in the 3rd quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock valued at $54,355,000 after acquiring an additional 525,619 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Reddit during the 3rd quarter valued at $495,000. MML Investors Services LLC grew its position in Reddit by 12.0% during the 3rd quarter. MML Investors Services LLC now owns 7,085 shares of the company’s stock worth $467,000 after acquiring an additional 757 shares during the last quarter. Finally, Anson Funds Management LP acquired a new position in Reddit in the 3rd quarter worth about $3,296,000.

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.