Jennifer L. Wong Sells 33,333 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the transaction, the chief operating officer now directly owns 1,504,297 shares in the company, valued at approximately $265,102,260.31. The trade was a 2.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Reddit Price Performance

RDDT stock opened at $163.72 on Friday. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $180.74. The business’s 50-day simple moving average is $125.78 and its 200 day simple moving average is $84.34.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates 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%. The company’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, equities research analysts expect that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Reddit

Institutional investors and hedge funds have recently bought and sold shares of the business. Whittier Trust Co. bought a new position in shares of Reddit during the 3rd quarter worth about $42,000. Daiwa Securities Group Inc. acquired a new position in Reddit in the third quarter worth about $85,000. UMB Bank n.a. bought a new position in Reddit during the second quarter worth about $88,000. SOA Wealth Advisors LLC. boosted its holdings in Reddit by 56.3% during the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after purchasing an additional 691 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in shares of Reddit in the 3rd quarter valued at approximately $144,000.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on RDDT. Raymond James raised their price target on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a report on Thursday, October 10th. Jefferies Financial Group boosted their price target on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Bank of America increased their price objective on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Sanford C. Bernstein boosted their target price on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Finally, Piper Sandler reiterated an “overweight” rating and set a $150.00 price target (up previously from $115.00) on shares of Reddit in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $124.42.

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.