Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong Sells 33,333 Shares

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $59.18, for a total value of $1,972,646.94. Following the transaction, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $91,282,605.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Reddit Stock Up 2.9 %

Shares of NYSE:RDDT opened at $63.67 on Thursday. The firm’s 50 day simple moving average is $59.74. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $78.08.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. The business had revenue of $281.20 million for the quarter, compared to the consensus estimate of $253.86 million. Reddit’s revenue for the quarter was up 53.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.70) EPS. On average, equities research analysts forecast that Reddit, Inc. will post -4.17 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on RDDT shares. Morgan Stanley boosted their target price on Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Bank of America boosted their target price on Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Roth Mkm lowered their target price on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. JPMorgan Chase & Co. lowered their target price on Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $75.00 price target on shares of Reddit in a research note on Wednesday. One 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 stock. According to MarketBeat, Reddit presently has an average rating of “Moderate Buy” and a consensus target price of $65.56.

Hedge Funds Weigh In On Reddit

Several large investors have recently added to or reduced their stakes in RDDT. BNP Paribas Financial Markets acquired a new position in Reddit in the 1st quarter valued at approximately $37,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of Reddit in the 1st quarter worth approximately $63,000. SOA Wealth Advisors LLC. acquired a new position in shares of Reddit in the 2nd quarter worth approximately $78,000. Sandia Investment Management LP bought a new stake in Reddit during the 1st quarter worth approximately $79,000. Finally, UMB Bank n.a. bought a new stake in Reddit during the 2nd quarter worth approximately $88,000.

About Reddit

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.