Reddit, Inc. (NYSE:RDDT) COO Sells $3,250,500.00 in Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 50,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total value of $3,250,500.00. Following the transaction, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at $100,275,129.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Reddit Stock Performance

Shares of NYSE RDDT opened at $65.00 on Tuesday. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $78.08. The business’s 50 day moving average price is $59.31.

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

Analysts Set New Price Targets

Several brokerages recently commented on RDDT. Morgan Stanley increased their price target on Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. dropped their price objective on Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Roth Mkm dropped their price objective on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Needham & Company LLC restated a “buy” rating and issued a $75.00 price objective on shares of Reddit in a research note on Wednesday, September 18th. Finally, Bank of America upped their price objective on Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $66.12.

Hedge Funds Weigh In On Reddit

Hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets bought a new position in Reddit during the 1st quarter worth $37,000. SOA Wealth Advisors LLC. bought a new position in Reddit during the 2nd quarter worth $78,000. ANTIPODES PARTNERS Ltd bought a new position in Reddit during the 1st quarter worth $63,000. UMB Bank n.a. bought a new position in Reddit during the 2nd quarter worth $88,000. Finally, Sandia Investment Management LP bought a new position in Reddit during the 1st quarter worth $79,000.

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.