Andrew Vollero Sells 100,000 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) CFO Andrew Vollero sold 100,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $12,408,000.00. Following the completion of the transaction, the chief financial officer now owns 499,295 shares in the company, valued at $61,952,523.60. The trade was a 16.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Andrew Vollero also recently made the following trade(s):

• On Monday, February 24th, Andrew Vollero sold 48,122 shares of Reddit stock. The shares were sold at an average price of $162.80, for a total value of $7,834,261.60.

Reddit Stock Down 4.3 %

Reddit stock opened at $120.07 on Thursday. The company has a 50 day moving average of $168.60 and a 200-day moving average of $136.54. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41. The stock has a market capitalization of $21.72 billion and a PE ratio of -15.53.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating 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%. Equities analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. FMR LLC lifted its stake in Reddit by 7.5% in the 4th quarter. FMR LLC now owns 13,070,780 shares of the company’s stock valued at $2,136,288,000 after acquiring an additional 913,189 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Reddit by 184.2% in the fourth 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 in the last quarter. Jennison Associates LLC acquired a new position in Reddit during the fourth quarter worth $494,861,000. Holocene Advisors LP boosted its holdings in Reddit by 177.6% during 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 during the last quarter. Finally, Alliancebernstein L.P. grew its position in Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after purchasing an additional 2,537,768 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on RDDT shares. Redburn Partners set a $75.00 target price on shares of Reddit in a research report on Monday, March 17th. Loop Capital reissued a “buy” rating and set a $210.00 price target on shares of Reddit in a research note on Tuesday, March 11th. JPMorgan Chase & Co. raised their price objective on shares of Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Piper Sandler upped their target price on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Finally, Morgan Stanley raised their price target on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and a consensus target price of $167.86.

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.