Insider Selling: Reddit, Inc. (NYSE:RDDT) CTO Sells 11,000 Shares of Stock

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 11,000 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $65.56, for a total value of $721,160.00. Following the completion of the sale, the chief technology officer now directly owns 339,295 shares of the company’s stock, valued at $22,244,180.20. The sale was disclosed in a filing with the SEC, which is available at this link.

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

• On Tuesday, August 20th, Christopher Brian Slowe sold 21,000 shares of Reddit stock. The shares were sold at an average price of $53.99, for a total value of $1,133,790.00.

Reddit Price Performance

RDDT stock opened at $66.52 on Friday. The company’s 50-day moving average price is $59.29. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $78.08.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. The business had revenue of $281.20 million for the quarter, compared to the consensus estimate of $253.86 million. Reddit’s revenue for the quarter was up 53.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.70) EPS. As a group, equities analysts anticipate that Reddit, Inc. will post -4.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Reddit

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Congress Park Capital LLC bought a new stake in Reddit in the 1st quarter valued at $279,000. Commonwealth Equity Services LLC acquired a new stake in Reddit during the first quarter worth about $1,111,000. BNP Paribas Financial Markets bought a new position in Reddit during the first quarter valued at about $37,000. SG Americas Securities LLC acquired a new position in Reddit in the 1st quarter valued at approximately $265,000. Finally, ANTIPODES PARTNERS Ltd bought a new stake in shares of Reddit in the 1st quarter worth approximately $63,000.

Analyst Ratings Changes

RDDT has been the topic of a number of research analyst reports. Sanford C. Bernstein boosted their price objective on shares of Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Monday, July 22nd. JPMorgan Chase & Co. dropped their target price on Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Morgan Stanley lifted their price target on Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Raymond James increased their price objective on Reddit from $65.00 to $70.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 31st. Finally, JMP Securities reiterated a “market outperform” rating and issued a $84.00 target price on shares of Reddit in a research note on Tuesday, July 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus 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.