Reddit (NYSE:RDDT) CTO Christopher Brian Slowe Sells 9,500 Shares of Stock

Reddit Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 9,500 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $136.55, for a total value of $1,297,225.00. Following the transaction, the chief technology officer directly owned 183,057 shares in the company, valued at $24,996,433.35. The trade was a 4.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Christopher Brian Slowe also recently made the following trade(s):

• On Monday, February 23rd, Christopher Brian Slowe sold 19,036 shares of Reddit stock. The shares were sold at an average price of $144.05, for a total value of $2,742,135.80.
• On Tuesday, February 10th, Christopher Brian Slowe sold 11,464 shares of Reddit stock. The stock was sold at an average price of $149.74, for a total value of $1,716,619.36.
• On Thursday, January 22nd, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The stock was sold at an average price of $212.61, for a total value of $2,976,540.00.
• On Thursday, January 8th, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The stock was sold at an average price of $253.88, for a total value of $3,554,320.00.
• On Monday, December 22nd, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The stock was sold at an average price of $233.53, for a total transaction of $3,269,420.00.

Reddit Stock Up 0.7%

Reddit stock traded up $0.93 during mid-day trading on Thursday, reaching $138.05. 234,370 shares of the company’s stock traded hands, compared to its average volume of 5,716,875. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95. The stock has a 50 day moving average of $181.75 and a two-hundred day moving average of $206.15. The company has a market cap of $26.37 billion, a price-to-earnings ratio of 52.49, a PEG ratio of 0.98 and a beta of 2.40.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The business had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. During the same period last year, the company earned $0.36 earnings per share. The business’s revenue for the quarter was up 69.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on RDDT. Guggenheim boosted their price target on shares of Reddit from $245.00 to $255.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Argus set a $300.00 target price on Reddit in a research note on Friday, January 9th. B. Riley Financial boosted their price objective on Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Oppenheimer decreased their price target on shares of Reddit from $300.00 to $250.00 and set an “outperform” rating for the company in a research note on Friday, February 6th. Finally, Morgan Stanley set a $240.00 price objective on shares of Reddit in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $236.00.

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently made changes to their positions in RDDT. Resona Asset Management Co. Ltd. raised its position in shares of Reddit by 53.2% during the 3rd quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock valued at $7,166,000 after purchasing an additional 10,743 shares during the period. Vanguard Group Inc. increased its stake in Reddit by 12.9% during the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after acquiring an additional 1,401,293 shares during the last quarter. Optimize Financial Inc purchased a new position in shares of Reddit in the 3rd quarter worth approximately $1,420,000. WT Asset Management Ltd bought a new stake in Reddit in the third quarter worth $92,973,000. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in Reddit by 95.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock worth $3,712,000 after purchasing an additional 7,881 shares during the last quarter.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.