Insider Selling: Reddit, Inc. (NYSE:RDDT) CFO Sells 19,838 Shares of Stock

Reddit, Inc. (NYSE:RDDT) CFO Andrew Vollero sold 19,838 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $143.22, for a total value of $2,841,198.36. Following the transaction, the chief financial officer now owns 703,615 shares of the company’s stock, valued at $100,771,740.30. This represents a 2.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Andrew Vollero also recently made the following trade(s):

• On Wednesday, September 18th, Andrew Vollero sold 11,287 shares of Reddit stock. The shares were sold at an average price of $64.00, for a total transaction of $722,368.00.

Reddit Price Performance

Shares of NYSE:RDDT opened at $140.04 on Thursday. The business’s 50 day moving average is $96.72 and its 200 day moving average is $73.23. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $158.49.

Reddit (NYSE:RDDT) last posted its quarterly 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 business had revenue of $348.40 million for the quarter, compared to the consensus estimate 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 revenue was up 67.9% compared to the same quarter last year. On average, sell-side analysts forecast that Reddit, Inc. will post -3.63 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on RDDT. JPMorgan Chase & Co. boosted their target price on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. Roth Mkm upped 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. Sanford C. Bernstein raised their price objective on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. Jefferies Financial Group boosted their target price on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday. Finally, The Goldman Sachs Group raised their price target on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and an average price target of $98.17.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. ARK Investment Management LLC lifted its position in shares of Reddit by 120.5% in the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after purchasing an additional 192,785 shares during the period. Victory Capital Management Inc. lifted its holdings in Reddit by 903.8% during the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after buying an additional 453,894 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in Reddit during the first quarter worth $7,363,000. Objective Capital Management LLC bought a new stake in Reddit during the 3rd quarter valued at $391,000. Finally, VY Capital Management Co. Ltd. purchased a new position in shares of Reddit in the 3rd quarter valued at $474,403,000.

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.