Reddit, Inc. (NYSE:RDDT) COO Sells $2,542,384.18 in Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $76.27, for a total transaction of $2,542,384.18. Following the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $117,643,195.39. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Reddit Price Performance

Shares of RDDT stock opened at $80.90 on Monday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $81.36. The business has a 50-day simple moving average of $63.15 and a 200-day simple moving average of $59.12.

Reddit (NYSE:RDDT) last announced its quarterly 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 company had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. During the same quarter in the prior year, the business posted ($0.70) earnings per share. The firm’s revenue was up 53.6% compared to the same quarter last year. As a group, sell-side analysts expect that Reddit, Inc. will post -4.1 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Bank of America increased their price target on Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Piper Sandler raised their price target on Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. JMP Securities restated a “market outperform” rating and set a $84.00 price objective on shares of Reddit in a report on Tuesday, July 30th. Finally, Raymond James increased their price objective on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $70.28.

Hedge Funds Weigh In On Reddit

Large investors have recently made changes to their positions in the company. BNP Paribas Financial Markets purchased a new position in Reddit in the first quarter valued at $37,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Reddit during the 2nd quarter valued at about $78,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of Reddit in the 1st quarter valued at about $63,000. UMB Bank n.a. acquired a new position in Reddit in the 2nd quarter worth about $88,000. Finally, Sandia Investment Management LP purchased a new position in Reddit during the first quarter worth approximately $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.