Insider Selling: Reddit, Inc. (NYSE:RDDT) CTO Sells 5,000 Shares of Stock

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00. Following the transaction, the chief technology officer now owns 35,252 shares of the company’s stock, valued at $6,491,655.80. This represents a 12.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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

• On Monday, December 23rd, Christopher Brian Slowe sold 11,000 shares of Reddit stock. The shares were sold at an average price of $169.85, for a total transaction of $1,868,350.00.
• On Friday, November 22nd, Christopher Brian Slowe sold 21,000 shares of Reddit stock. The shares were sold at an average price of $146.01, for a total transaction of $3,066,210.00.

Reddit Price Performance

Shares of Reddit stock traded up $0.25 during trading on Friday, hitting $182.24. 3,920,665 shares of the stock traded hands, compared to its average volume of 4,830,885. The firm’s fifty day moving average is $162.23 and its 200-day moving average is $103.46. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $191.00.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s revenue was up 67.9% compared to the same quarter last year. Sell-side analysts forecast that Reddit, Inc. will post -3.48 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on RDDT shares. Needham & Company LLC raised their price target on Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Loop Capital lifted their target price on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a report on Monday, December 2nd. JMP Securities upped their price target on Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a research report on Monday, November 25th. Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Finally, Raymond James upped their target price on shares of Reddit from $150.00 to $200.00 and gave the stock a “strong-buy” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $158.20.

Hedge Funds Weigh In On Reddit

Several institutional investors and hedge funds have recently made changes to their positions in the business. Ridgewood Investments LLC increased its stake in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the period. Spire Wealth Management bought a new position in shares of Reddit in the fourth quarter worth approximately $35,000. Whittier Trust Co. bought a new position in shares of Reddit in the third quarter worth approximately $42,000. Blue Trust Inc. purchased a new position in shares of Reddit in the fourth quarter worth $59,000. Finally, New Wave Wealth Advisors LLC bought a new stake in Reddit during the 4th quarter valued at $69,000.

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.