Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong Sells 50,000 Shares

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 50,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares in the company, valued at $100,275,129.57. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Reddit Price Performance

Shares of NYSE:RDDT opened at $67.88 on Thursday. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $78.08. The firm has a fifty day simple moving average of $59.24.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to analyst estimates of $253.86 million. During the same period in the prior year, the business earned ($0.70) EPS. The business’s revenue for the quarter was up 53.6% on a year-over-year basis. Equities analysts anticipate that Reddit, Inc. will post -4.17 earnings per share for the current year.

Institutional Investors Weigh In On Reddit

A number of institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets bought a new position in Reddit in the first quarter valued at about $37,000. ANTIPODES PARTNERS Ltd bought a new position in shares of Reddit in the 1st quarter valued at about $63,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Reddit during the 2nd quarter worth approximately $78,000. Sandia Investment Management LP bought a new stake in shares of Reddit during the first quarter worth approximately $79,000. Finally, UMB Bank n.a. acquired a new position in Reddit in the second quarter valued at approximately $88,000.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RDDT. Bank of America increased their target price on shares of Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Piper Sandler lifted their price objective on Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Roth Mkm cut their target price on Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. JMP Securities reaffirmed a “market outperform” rating and issued a $84.00 target price on shares of Reddit in a research report on Tuesday, July 30th. Finally, Morgan Stanley increased their price objective on shares of Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $66.12.

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.