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

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the transaction, the chief operating officer now directly owns 1,466,119 shares in the company, valued at $183,587,421.18. The trade was a 2.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Reddit Trading Down 0.4 %

Shares of RDDT opened at $109.62 on Thursday. The stock has a market cap of $19.83 billion and a P/E ratio of -14.18. The company has a 50-day moving average of $173.50 and a two-hundred day moving average of $134.41. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. As a group, analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RDDT. Wells Fargo & Company raised their price objective on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Redburn Atlantic initiated coverage on shares of Reddit in a report on Monday. They issued a “sell” rating and a $75.00 target price on the stock. JPMorgan Chase & Co. lifted their target price on shares of Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Citigroup reaffirmed a “neutral” rating on shares of Reddit in a report on Thursday, February 13th. Finally, Jefferies Financial Group lifted their target price on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $164.50.

Hedge Funds Weigh In On Reddit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jennison Associates LLC acquired a new position in Reddit during the fourth quarter worth about $494,861,000. Renaissance Capital LLC grew its holdings in shares of Reddit by 14.2% during the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after buying an additional 3,892 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Reddit by 27.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock worth $105,003,000 after buying an additional 139,135 shares in the last quarter. Assetmark Inc. grew its holdings in shares of Reddit by 1,537,566.7% during the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock worth $7,539,000 after buying an additional 46,127 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Reddit by 3,640.5% during the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after buying an additional 248,499 shares in the last quarter.

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.