Insider Selling: Reddit (NYSE:RDDT) COO Sells 39,166 Shares of Stock

Reddit Inc. (NYSE:RDDT) COO Jennifer Wong sold 39,166 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $176.94, for a total transaction of $6,930,032.04. Following the transaction, the chief operating officer owned 1,050,339 shares in the company, valued at approximately $185,846,982.66. This trade represents a 3.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Reddit Price Performance

Shares of RDDT stock traded up $9.43 on Thursday, hitting $175.38. The company’s stock had a trading volume of 5,247,037 shares, compared to its average volume of 5,281,954. The stock has a market capitalization of $33.76 billion, a price-to-earnings ratio of 50.11 and a beta of 1.91. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95. The firm’s fifty day moving average price is $159.63 and its 200-day moving average price is $175.98.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm had revenue of $663.41 million for the quarter, compared to the consensus estimate of $607.74 million. During the same period in the prior year, the business posted $0.13 earnings per share. The business’s quarterly revenue was up 69.1% on a year-over-year basis. Analysts predict that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Oppenheimer reissued an “outperform” rating and set a $225.00 price objective on shares of Reddit in a report on Friday, May 1st. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 target price on shares of Reddit in a research report on Friday, May 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Reddit in a report on Friday, May 8th. Zacks Research downgraded Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Finally, Wells Fargo & Company lifted their price target on shares of Reddit from $149.00 to $176.00 and gave the company an “equal weight” rating in a research report on Friday, May 1st. Eighteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $230.75.

Institutional Investors Weigh In On Reddit

Several hedge funds and other institutional investors have recently made changes to their positions in RDDT. Huntington National Bank increased its stake in shares of Reddit by 25.6% in the third quarter. Huntington National Bank now owns 270 shares of the company’s stock worth $62,000 after purchasing an additional 55 shares during the period. Evansbrook LLC boosted its stake in Reddit by 2.2% during the 1st quarter. Evansbrook LLC now owns 2,736 shares of the company’s stock valued at $368,000 after purchasing an additional 59 shares during the period. Institute for Wealth Management LLC. boosted its stake in Reddit by 6.1% during the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock valued at $246,000 after purchasing an additional 62 shares during the period. Roxbury Financial LLC grew its holdings in Reddit by 7.4% in the 4th quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock valued at $214,000 after buying an additional 64 shares during the last quarter. Finally, Florida Financial Advisors LLC grew its holdings in Reddit by 6.7% in the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock valued at $250,000 after buying an additional 68 shares during the last quarter.

About Reddit

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.