Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong Sells 33,333 Shares of Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.23, for a total value of $5,874,274.59. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at $265,102,260.31. This represents a 2.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Reddit Trading Down 4.8 %

RDDT opened at $160.65 on Thursday. The firm’s 50 day simple moving average is $123.90 and its two-hundred day simple moving average is $83.78. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $180.74.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. Reddit’s quarterly revenue was up 67.9% on a year-over-year basis. As a group, sell-side analysts predict that Reddit, Inc. will post -3.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RDDT. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of Reddit during the 2nd quarter valued at $19,876,000. Raymond James & Associates raised its stake in Reddit by 706.1% during the 2nd quarter. Raymond James & Associates now owns 42,641 shares of the company’s stock valued at $2,724,000 after purchasing an additional 37,351 shares during the period. Bank of New York Mellon Corp lifted its holdings in Reddit by 10.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after purchasing an additional 153,282 shares in the last quarter. ARK Investment Management LLC lifted its holdings in Reddit by 1,491.2% in the 2nd quarter. ARK Investment Management LLC now owns 159,936 shares of the company’s stock worth $10,218,000 after purchasing an additional 149,885 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. bought a new position in Reddit in the 2nd quarter worth approximately $1,201,000.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Robert W. Baird increased their price objective on Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Needham & Company LLC raised their price objective on Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Sanford C. Bernstein upped their price objective on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. Roth Mkm raised their target price on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus target price of $124.42.

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.