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 Reddit stock in a transaction on Monday, November 18th. The stock was sold at an average price of $128.13, for a total transaction of $4,270,957.29. Following the sale, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at approximately $197,635,015.41. This trade represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Reddit Trading Up 15.6 %

Shares of NYSE RDDT opened at $157.47 on Friday. The company has a 50-day simple moving average of $90.31 and a 200-day simple moving average of $70.56. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $158.49.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. Reddit’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, analysts expect that Reddit, Inc. will post -3.63 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RDDT. Piper Sandler restated an “overweight” rating and issued a $150.00 price target (up from $115.00) on shares of Reddit in a research note on Tuesday. Sanford C. Bernstein boosted their target price on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. Citigroup upped their price target on Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Raymond James lifted their price target on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 10th. Finally, Needham & Company LLC increased their price objective on Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and an average target price of $91.67.

Institutional Investors Weigh In On Reddit

Institutional investors have recently bought and sold shares of the business. FMR LLC lifted its position in Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. bought a new stake in shares of Reddit in the third quarter worth $474,403,000. Point72 Asset Management L.P. raised its holdings in Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after acquiring an additional 2,225,895 shares in the last quarter. Inclusive Capital Partners L.P. bought a new position in Reddit during the 1st quarter valued at $103,051,000. Finally, Holocene Advisors LP grew its stake in Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after purchasing an additional 1,923,109 shares in the last quarter.

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.