Mary Porter Gale Sells 20,000 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) Director Mary Porter Gale sold 20,000 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $169.71, for a total transaction of $3,394,200.00. Following the sale, the director now directly owns 26,309 shares of the company’s stock, valued at $4,464,900.39. This represents a 43.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Reddit Stock Up 5.0 %

RDDT opened at $168.05 on Thursday. The firm has a market cap of $30.40 billion and a price-to-earnings ratio of -21.74. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The company’s 50-day moving average price is $183.83 and its 200 day moving average price is $125.99.

Reddit (NYSE:RDDT) last posted its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Research analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RDDT. FMR LLC grew its position in Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares during the last quarter. Vanguard Group Inc. grew its position in Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares during the last quarter. Jennison Associates LLC bought a new position in Reddit in the 4th quarter worth about $494,861,000. Alliancebernstein L.P. grew its position in Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after purchasing an additional 2,537,768 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its position in Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after purchasing an additional 2,225,895 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on RDDT shares. Citigroup reaffirmed a “neutral” rating on shares of Reddit in a research report on Thursday, February 13th. B. Riley upped their price target on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Piper Sandler boosted their price objective on shares of Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company boosted their price objective on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $175.95.

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.