Insider Selling: Reddit, Inc. (NYSE:RDDT) COO Sells 33,334 Shares of Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total value of $5,797,782.62. Following the transaction, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at approximately $261,642,377.21. This trade represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Reddit Price Performance

Shares of RDDT opened at $181.55 on Friday. The stock’s fifty day moving average is $161.24 and its 200-day moving average is $102.91. Reddit, Inc. has a one year low of $37.35 and a one year high of $191.00.

Reddit (NYSE:RDDT) last released its earnings results 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 firm had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Reddit’s revenue was up 67.9% on a year-over-year basis. Research analysts anticipate that Reddit, Inc. will post -3.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. FMR LLC grew its holdings in Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares during the period. VY Capital Management Co. Ltd. acquired a new position in shares of Reddit in the 3rd quarter valued at $474,403,000. Holocene Advisors LP boosted its position in shares of Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares during the period. Point72 Asset Management L.P. boosted its position in shares of Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after purchasing an additional 2,225,895 shares during the period. Finally, Lord Abbett & CO. LLC boosted its position in shares of Reddit by 1,519.4% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after purchasing an additional 1,548,450 shares during the period.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on RDDT shares. Wells Fargo & Company started coverage on Reddit in a research note on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. Bank of America raised their price objective on Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 8th. Raymond James raised their price objective on Reddit from $150.00 to $200.00 and gave the stock a “strong-buy” rating in a research note on Tuesday. Finally, Citigroup raised their price objective on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit has an average rating of “Moderate Buy” and an average price target of $158.20.

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.