Reddit (NYSE:RDDT) COO Jennifer Wong Sells 60,000 Shares

Reddit Inc. (NYSE:RDDT) COO Jennifer Wong sold 60,000 shares of Reddit stock in a transaction on Monday, September 14th. The shares were sold at an average price of $162.33, for a total value of $9,739,800.00. Following the completion of the sale, the chief operating officer owned 1,012,226 shares in the company, valued at $164,314,646.58. This represents a 5.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Reddit Trading Down 1.3%

NYSE RDDT opened at $157.54 on Thursday. The stock has a market cap of $30.31 billion, a PE ratio of 36.64, a P/E/G ratio of 0.74 and a beta of 2.02. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95. The stock has a fifty day simple moving average of $164.84 and a 200-day simple moving average of $159.46.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, July 30th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The firm had revenue of $804.91 million during the quarter, compared to the consensus estimate of $731.00 million. During the same period last year, the company earned $0.45 EPS. The company’s quarterly revenue was up 61.0% on a year-over-year basis. Research analysts predict that Reddit Inc. will post 5.27 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on RDDT. Weiss Ratings reissued a “hold (c)” rating on shares of Reddit in a research note on Wednesday, August 5th. Zacks Research cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 25th. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 target price on shares of Reddit in a report on Wednesday, June 24th. Citigroup reiterated a “market outperform” rating on shares of Reddit in a report on Monday, August 24th. Finally, Sanford C. Bernstein reissued a “market perform” rating and issued a $180.00 target price on shares of Reddit in a research report on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average target price of $221.10.

Institutional Trading of Reddit

A number of institutional investors and hedge funds have recently bought and sold shares of RDDT. Capital World Investors purchased a new stake in Reddit during the fourth quarter worth approximately $1,293,258,000. Norges Bank purchased a new position in Reddit in the fourth quarter valued at approximately $372,047,000. Senvest Management LLC acquired a new stake in Reddit during the first quarter worth approximately $48,392,000. Lord Abbett & CO. LLC raised its holdings in Reddit by 30.3% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,263,529 shares of the company’s stock worth $290,447,000 after purchasing an additional 293,743 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Reddit by 21.8% during the 2nd quarter. Wellington Management Group LLP now owns 1,564,535 shares of the company’s stock worth $271,572,000 after buying an additional 280,030 shares during the last quarter.

About Reddit

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and discussions. Users can submit posts, links, images and videos, while community members can comment, vote and interact through publicly accessible forums known as subreddits.

The company generates revenue primarily through digital advertising and also offers premium memberships and other paid products. Reddit additionally provides data licensing and developer-related services that support the use of its platform content and technology.

Founded in 2005 by Steve Huffman, Alexis Ohanian and Aaron Swartz, Reddit serves users worldwide across a broad range of communities.