Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe Sells 21,000 Shares

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 21,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.01, for a total transaction of $3,066,210.00. Following the transaction, the chief technology officer now owns 297,925 shares in the company, valued at $43,500,029.25. The trade was a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Christopher Brian Slowe also recently made the following trade(s):

• On Tuesday, October 22nd, Christopher Brian Slowe sold 5,000 shares of Reddit stock. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00.
• On Monday, September 23rd, Christopher Brian Slowe sold 11,000 shares of Reddit stock. The stock was sold at an average price of $65.56, for a total transaction of $721,160.00.

Reddit Price Performance

Shares of NYSE: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 stock has a 50 day moving average price of $92.06 and a 200-day moving average price of $71.24.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million during 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%. The business’s quarterly revenue was up 67.9% compared to the same quarter last year. On average, equities analysts anticipate that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RDDT. Loop Capital raised their price objective on Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Citigroup raised their price target on Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Roth Mkm boosted their price objective on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Bank of America raised their target price on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Finally, Raymond James upped their price target on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average target price of $91.67.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC boosted its holdings in Reddit by 302.8% in 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 in the last quarter. VY Capital Management Co. Ltd. bought a new position in Reddit in the 3rd quarter worth about $474,403,000. Point72 Asset Management L.P. grew its position in Reddit by 3,172.0% during 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 last quarter. Inclusive Capital Partners L.P. bought a new stake in Reddit during the 1st quarter valued at about $103,051,000. Finally, Holocene Advisors LP raised its holdings in Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after buying an additional 1,923,109 shares during the last quarter.

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.