Reddit (NYSE:RDDT) CAO Michelle Marie Reynolds Sells 808 Shares of Stock

Reddit Inc. (NYSE:RDDT) CAO Michelle Marie Reynolds sold 808 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total transaction of $161,600.00. Following the completion of the transaction, the chief accounting officer directly owned 15,060 shares in the company, valued at $3,012,000. This trade represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Reddit Stock Performance

RDDT stock traded up $6.00 during mid-day trading on Monday, hitting $200.67. The company had a trading volume of 5,560,124 shares, compared to its average volume of 5,224,006. The firm has a market cap of $38.63 billion, a PE ratio of 57.33 and a beta of 1.93. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95. The stock’s fifty day moving average price is $164.92 and its two-hundred day moving average price is $171.59.

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on RDDT shares. Wells Fargo & Company lifted their target price on shares of Reddit from $149.00 to $176.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Wall Street Zen downgraded Reddit from a “buy” rating to a “hold” rating in a research note on Sunday, May 10th. Raymond James Financial set a $180.00 price objective on shares of Reddit and gave the company a “market perform” rating in a research 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 report on Wednesday, June 24th. Finally, Loop Capital reissued a “buy” rating and issued a $260.00 price target on shares of Reddit in a report on Thursday, June 4th. Eighteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $230.75.

Institutional Trading of Reddit

A number of hedge funds have recently made changes to their positions in the stock. Evansbrook LLC increased its stake in Reddit by 2.2% in the first quarter. Evansbrook LLC now owns 2,736 shares of the company’s stock valued at $368,000 after acquiring an additional 59 shares during the last quarter. Institute for Wealth Management LLC. increased its position in shares of 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 last quarter. Roxbury Financial LLC raised its holdings in shares of Reddit by 7.4% during 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 in the last quarter. Florida Financial Advisors LLC lifted its position in Reddit by 6.7% in the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after buying an additional 68 shares during the last quarter. Finally, Diversified Trust Co boosted its stake in Reddit by 2.1% in the first quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock worth $440,000 after buying an additional 68 shares in 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.