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

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $187.72, for a total value of $6,257,270.76. Following the transaction, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at approximately $282,386,632.84. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Reddit Trading Down 7.6 %

NYSE:RDDT traded down $14.48 during midday trading on Thursday, hitting $175.18. 10,604,237 shares of the stock were exchanged, compared to its average volume of 5,912,361. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41. The company has a market capitalization of $30.76 billion and a price-to-earnings ratio of -22.66. The business has a 50-day moving average price of $184.25 and a two-hundred day moving average price of $122.41.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Sell-side analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Loop Capital upped their target price on Reddit from $180.00 to $210.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Roth Mkm lowered Reddit from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Sanford C. Bernstein increased their price target on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. Finally, Jefferies Financial Group boosted their price target on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $175.45.

Institutional Investors Weigh In On Reddit

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC bought a new stake in Reddit in the fourth quarter worth $494,861,000. Renaissance Capital LLC boosted its holdings in Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after purchasing an additional 3,892 shares during the period. ARK Investment Management LLC increased its stake in Reddit by 120.5% during the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after acquiring an additional 192,785 shares during the period. Wellington Management Group LLP lifted its position in Reddit by 3,640.5% in the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after purchasing an additional 248,499 shares during the period. Finally, Newbridge Financial Services Group Inc. raised its stake in shares of Reddit by 666.7% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 2,300 shares of the company’s stock valued at $376,000 after buying an additional 2,000 shares in the last quarter.

Reddit Company Profile

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.