Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe Sells 5,000 Shares

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total value of $387,400.00. Following the sale, the chief technology officer now directly owns 30,068 shares of the company’s stock, valued at $2,329,668.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Monday, September 23rd, Christopher Brian Slowe sold 11,000 shares of Reddit stock. The stock was sold at an average price of $65.56, for a total value of $721,160.00.
• On Tuesday, August 20th, Christopher Brian Slowe sold 21,000 shares of Reddit stock. The stock was sold at an average price of $53.99, for a total value of $1,133,790.00.

Reddit Stock Performance

Reddit stock traded up $0.94 during mid-day trading on Thursday, hitting $78.62. 2,173,475 shares of the company were exchanged, compared to its average volume of 4,391,989. The business has a fifty day moving average of $64.58 and a 200 day moving average of $59.69. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $81.36.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.25. The company had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. During the same quarter in the prior year, the company earned ($0.70) earnings per share. The business’s revenue was up 53.6% compared to the same quarter last year. As a group, analysts anticipate that Reddit, Inc. will post -4.1 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on RDDT shares. Cannonball Research started coverage on Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 target price for the company. Sanford C. Bernstein upped their target price on Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday, July 22nd. Bank of America increased their price objective on Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. JMP Securities reissued a “market outperform” rating and issued a $84.00 price objective on shares of Reddit in a research report on Tuesday, July 30th. Finally, Morgan Stanley increased their price objective on Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $72.78.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale acquired a new stake in shares of Reddit in the first quarter valued at $7,363,000. Commonwealth Equity Services LLC acquired a new stake in shares of Reddit in the first quarter valued at $1,111,000. VY Capital Management Co. Ltd. bought a new position in Reddit in the third quarter valued at about $474,403,000. Claro Advisors LLC bought a new position in Reddit in the third quarter valued at about $2,557,000. Finally, BNP Paribas Financial Markets bought a new position in Reddit in the first quarter valued at about $37,000.

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.