Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe Sells 11,000 Shares

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 11,000 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $169.85, for a total transaction of $1,868,350.00. Following the completion of the transaction, the chief technology officer now owns 324,837 shares in the company, valued at approximately $55,173,564.45. This trade represents a 3.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Christopher Brian Slowe also recently made the following trade(s):

• On Friday, November 22nd, Christopher Brian Slowe sold 21,000 shares of Reddit stock. The stock was sold at an average price of $146.01, for a total transaction of $3,066,210.00.
• On Tuesday, October 22nd, Christopher Brian Slowe sold 5,000 shares of Reddit stock. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00.

Reddit Stock Performance

RDDT opened at $176.74 on Friday. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $182.20. The business has a fifty day simple moving average of $135.66 and a 200-day simple moving average of $88.35.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Reddit’s quarterly revenue was up 67.9% on a year-over-year basis. On average, equities analysts forecast that Reddit, Inc. will post -3.46 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RDDT shares. Piper Sandler reissued an “overweight” rating and issued a $150.00 price objective (up previously from $115.00) on shares of Reddit in a report on Tuesday, November 19th. Loop Capital upped their price objective on Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Morgan Stanley raised shares of Reddit from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $70.00 to $200.00 in a report on Monday, December 9th. Bank of America increased their price target on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Finally, Citigroup lifted their price objective on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a report on Friday, December 20th. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average target price of $132.70.

Institutional Investors Weigh In On Reddit

Several large investors have recently added to or reduced their stakes in the business. ARK Investment Management LLC boosted its position in Reddit by 120.5% in the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after buying an additional 192,785 shares during the period. Wellington Management Group LLP boosted its holdings in Reddit by 3,640.5% in the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after purchasing an additional 248,499 shares during the period. Victory Capital Management Inc. grew its stake in Reddit by 903.8% during the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after purchasing an additional 453,894 shares in the last quarter. Geode Capital Management LLC increased its holdings in Reddit by 176.0% during the 3rd quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock worth $54,355,000 after purchasing an additional 525,619 shares during the period. Finally, Mission Creek Capital Partners Inc. acquired a new stake in Reddit in the 3rd quarter valued at about $7,490,000.

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.