Reddit, Inc. (NYSE:RDDT) CAO Michelle Marie Reynolds Sells 11,965 Shares

Reddit, Inc. (NYSE:RDDT) CAO Michelle Marie Reynolds sold 11,965 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the transaction, the chief accounting officer now directly owns 48,418 shares of the company’s stock, valued at $7,621,477.38. The trade was a 19.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Reddit Stock Down 11.0 %

Reddit stock opened at $134.14 on Friday. The company has a market capitalization of $24.27 billion and a P/E ratio of -17.35. The stock’s 50 day moving average is $181.61 and its 200 day moving average is $130.47. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (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%. As a group, equities analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have commented on the company. The Goldman Sachs Group upped their price target on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Jefferies Financial Group upped their price target on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. JMP Securities upped their target price on Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a report on Thursday, February 13th. Needham & Company LLC upped their target price on Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Finally, Raymond James upped their target price on Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $175.95.

Hedge Funds Weigh In On Reddit

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kilter Group LLC bought a new position in Reddit in the 4th quarter valued at approximately $928,000. Castle Rock Wealth Management LLC bought a new position in Reddit in the 4th quarter valued at approximately $789,000. Brooklyn FI LLC bought a new position in Reddit in the 4th quarter valued at approximately $6,339,000. Employees Retirement System of Texas bought a new position in Reddit in the 4th quarter valued at approximately $1,803,000. Finally, Jefferies Financial Group Inc. bought a new position in Reddit in the 4th quarter valued at approximately $917,000.

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.