Jennifer Wong Sells 30,777 Shares of Reddit (NYSE:RDDT) Stock

Reddit Inc. (NYSE:RDDT) COO Jennifer Wong sold 30,777 shares of the business’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $143.42, for a total value of $4,414,037.34. Following the completion of the transaction, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at approximately $156,105,642.42. This trade represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Reddit Stock Down 0.3%

Shares of RDDT traded down $0.42 during trading hours on Tuesday, reaching $142.04. 4,005,217 shares of the company traded hands, compared to its average volume of 7,242,083. The stock has a market capitalization of $27.14 billion, a PE ratio of 54.21, a price-to-earnings-growth ratio of 1.06 and a beta of 2.17. The stock has a fifty day simple moving average of $200.71 and a 200 day simple moving average of $212.63. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT) last released 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 for the quarter, compared to analyst estimates of $665.80 million. During the same period in the prior year, the firm earned $0.36 EPS. The firm’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.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 price target on shares of Reddit in a report on Friday, February 6th. China Renaissance assumed coverage on Reddit in a research report on Tuesday, December 9th. They issued a “buy” rating and a $300.00 price objective for the company. UBS Group set a $265.00 target price on Reddit in a research note on Tuesday, January 13th. Morgan Stanley set a $240.00 target price on Reddit in a research report on Friday, February 6th. Finally, Zacks Research cut Reddit from a “strong-buy” rating to a “hold” rating in a report on Friday, December 26th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $238.78.

Institutional Trading of Reddit

Several large investors have recently added to or reduced their stakes in the stock. Raiffeisen Bank International AG purchased a new stake in shares of Reddit in the third quarter worth about $25,000. GW&K Investment Management LLC acquired a new position in Reddit during the 3rd quarter worth approximately $30,000. Cornerstone Planning Group LLC boosted its holdings in Reddit by 13,500.0% in the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after acquiring an additional 135 shares during the period. LOM Asset Management Ltd acquired a new stake in Reddit in the fourth quarter valued at approximately $33,000. Finally, Noble Wealth Management PBC acquired a new stake in Reddit in the fourth quarter valued at approximately $34,000.

Reddit Company Profile

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.