Reddit (NYSE:RDDT) COO Jennifer Wong Sells 60,000 Shares

Reddit Inc. (NYSE:RDDT) COO Jennifer Wong sold 60,000 shares of the firm’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $162.33, for a total value of $9,739,800.00. Following the completion of the transaction, the chief operating officer owned 1,012,226 shares of the company’s stock, valued at $164,314,646.58. The trade was a 5.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Reddit Stock Down 1.3%

Shares of NYSE:RDDT traded down $2.08 during midday trading on Wednesday, reaching $157.54. The company had a trading volume of 2,897,933 shares, compared to its average volume of 5,449,403. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95. The stock has a market cap of $30.31 billion, a PE ratio of 36.64, a P/E/G ratio of 0.75 and a beta of 2.02. The business’s 50 day moving average price is $165.60 and its 200 day moving average price is $159.42.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $0.95 by $0.30. The firm had revenue of $804.91 million during the quarter, compared to analysts’ expectations of $731.00 million. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The business’s quarterly revenue was up 61.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.45 earnings per share. On average, research analysts expect that Reddit Inc. will post 5.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Reddit

A number of large investors have recently added to or reduced their stakes in RDDT. Sunbelt Securities Inc. increased its holdings in shares of Reddit by 87.5% in the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after purchasing an additional 91 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Reddit by 48.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after buying an additional 64 shares during the last quarter. Beacon Investment Advisory Services Inc. acquired a new stake in shares of Reddit during the 2nd quarter worth about $35,000. Ascentis Independent Advisors bought a new stake in shares of Reddit during the 1st quarter worth about $30,000. Finally, Rothschild Investment LLC boosted its holdings in shares of Reddit by 163.1% during the 4th quarter. Rothschild Investment LLC now owns 271 shares of the company’s stock worth $62,000 after buying an additional 168 shares during the period.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of recent analyst reports. Wedbush lowered their target price on shares of Reddit from $250.00 to $221.00 and set an “outperform” rating on the stock in a report on Friday, July 31st. Raymond James Financial reissued a “strong-buy” rating and issued a $205.00 price objective on shares of Reddit in a research report on Monday, August 17th. Cantor Fitzgerald lowered their price objective on shares of Reddit from $200.00 to $170.00 and set a “neutral” rating on the stock in a research note on Friday, July 31st. B. Riley Financial upped their target price on shares of Reddit from $250.00 to $270.00 and gave the company a “buy” rating in a report on Friday, July 31st. Finally, JPMorgan Chase & Co. cut their target price on shares of Reddit from $200.00 to $185.00 and set a “neutral” rating for the company in a research note on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $221.10.

Reddit Company Profile

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and discussions. Users can submit posts, links, images and videos, while community members can comment, vote and interact through publicly accessible forums known as subreddits.

The company generates revenue primarily through digital advertising and also offers premium memberships and other paid products. Reddit additionally provides data licensing and developer-related services that support the use of its platform content and technology.

Founded in 2005 by Steve Huffman, Alexis Ohanian and Aaron Swartz, Reddit serves users worldwide across a broad range of communities.