Insider Selling: Reddit, Inc. (NYSE:RDDT) CFO Sells $7,834,261.60 in Stock

Reddit, Inc. (NYSE:RDDT) CFO Andrew Vollero sold 48,122 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the transaction, the chief financial officer now owns 599,295 shares of the company’s stock, valued at $97,565,226. This trade represents a 7.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Reddit Stock Performance

NYSE RDDT opened at $162.13 on Friday. The stock has a fifty day moving average of $183.57 and a 200-day moving average of $126.99. The stock has a market capitalization of $29.33 billion and a P/E ratio of -20.97. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41.

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

Institutional Investors Weigh In On Reddit

A number of institutional investors have recently made changes to their positions in the stock. Ridgewood Investments LLC grew its stake in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the period. Proficio Capital Partners LLC grew its stake in shares of Reddit by 2.1% during the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after purchasing an additional 120 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock worth $40,000 after purchasing an additional 147 shares during the period. UMB Bank n.a. grew its stake in shares of Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after purchasing an additional 150 shares during the period. Finally, Foundations Investment Advisors LLC grew its stake in Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock valued at $870,000 after acquiring an additional 155 shares during the period.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on RDDT shares. Wells Fargo & Company raised their target price on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Loop Capital raised their target price on Reddit from $180.00 to $210.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Robert W. Baird lifted their price objective on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Jefferies Financial Group lifted their price objective on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Morgan Stanley lifted their price objective on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $175.95.

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.