Reddit, Inc. (NYSE:RDDT) COO Sells $1,799,648.67 in Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $1,799,648.67. Following the sale, the chief operating officer now owns 1,542,457 shares in the company, valued at $83,277,253.43. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Reddit Price Performance

Reddit stock opened at $59.21 on Friday. Reddit, Inc. has a one year low of $37.35 and a one year high of $78.08. The business’s 50-day moving average price is $62.09.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. During the same quarter last year, the company posted ($0.70) EPS. Reddit’s revenue for the quarter was up 53.6% on a year-over-year basis. Equities research analysts predict that Reddit, Inc. will post -4.17 EPS for the current year.

Analyst Upgrades and Downgrades

RDDT has been the topic of a number of analyst reports. Citigroup lifted their price objective on shares of Reddit from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, May 17th. JMP Securities reissued a “market outperform” rating and issued a $84.00 price objective on shares of Reddit in a research report on Tuesday, July 30th. Robert W. Baird lifted their target price on Reddit from $50.00 to $59.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft increased their price target on Reddit from $62.00 to $65.00 and gave the company a “buy” rating in a report on Friday, May 17th. Finally, Loop Capital upgraded Reddit from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.56.

Institutional Trading of Reddit

Large investors have recently added to or reduced their stakes in the business. Truist Financial Corp acquired a new position in Reddit during the 2nd quarter worth $266,000. Scientech Research LLC raised its stake in shares of Reddit by 120.0% during the second quarter. Scientech Research LLC now owns 19,432 shares of the company’s stock valued at $1,242,000 after purchasing an additional 10,601 shares in the last quarter. Maverick Capital Ltd. lifted its holdings in Reddit by 147.4% in the second quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock worth $47,416,000 after purchasing an additional 442,145 shares during the period. Alight Capital Management LP bought a new position in Reddit in the 2nd quarter valued at about $3,194,000. Finally, Marshall Wace LLP grew its position in Reddit by 117.2% in the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after buying an additional 457,588 shares in the last quarter.

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.