Reddit (NYSE:RDDT) Shares Down 8.6% on Insider Selling

Shares of Reddit, Inc. (NYSE:RDDT) were down 8.6% during trading on Thursday following insider selling activity. The company traded as low as $172.20 and last traded at $173.43. Approximately 5,745,156 shares traded hands during mid-day trading, a decline of 0% from the average daily volume of 5,750,339 shares. The stock had previously closed at $189.66.

Specifically, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total value of $2,628,920.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at $115,370,905.32. The trade was a 2.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $187.72, for a total transaction of $6,257,270.76. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on RDDT shares. Needham & Company LLC boosted their price objective on shares of Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Loop Capital boosted their target price on shares of Reddit from $180.00 to $210.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Jefferies Financial Group boosted their target price on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, November 25th. The Goldman Sachs Group boosted their target price on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. Finally, Robert W. Baird boosted their target price on shares of Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $175.95.

Reddit Stock Performance

The firm’s fifty day simple moving average is $184.13 and its 200 day simple moving average is $123.17. The firm has a market cap of $30.08 billion and a P/E ratio of -21.51.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, equities research analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. FMR LLC raised its position in Reddit by 7.5% in the 4th quarter. FMR LLC now owns 13,070,780 shares of the company’s stock worth $2,136,288,000 after purchasing an additional 913,189 shares during the period. Vanguard Group Inc. raised its position in Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares during the period. Jennison Associates LLC purchased a new stake in Reddit in the 4th quarter worth about $494,861,000. Holocene Advisors LP raised its position in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after purchasing an additional 1,923,109 shares during the period. Finally, Alliancebernstein L.P. raised its position in Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after purchasing an additional 2,537,768 shares during the period.

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.