Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong Sells 33,334 Shares of Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $76.27, for a total transaction of $2,542,384.18. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $117,643,195.39. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Reddit Price Performance

Shares of Reddit stock opened at $80.90 on Friday. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $81.36. The stock has a 50 day moving average price of $63.15 and a two-hundred day moving average price of $58.98.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates 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. During the same quarter last year, the firm posted ($0.70) EPS. The business’s revenue for the quarter was up 53.6% compared to the same quarter last year. As a group, sell-side analysts predict that Reddit, Inc. will post -4.1 earnings per share for the current year.

Hedge Funds Weigh In On Reddit

Large investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets purchased a new stake in Reddit in the 1st quarter valued at $37,000. SOA Wealth Advisors LLC. bought a new stake in shares of Reddit in the 2nd quarter worth $78,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Reddit in the 1st quarter worth $63,000. UMB Bank n.a. purchased a new stake in shares of Reddit in the second quarter valued at about $88,000. Finally, Sandia Investment Management LP bought a new position in shares of Reddit during the first quarter valued at about $79,000.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on RDDT shares. Piper Sandler lifted their price target on shares of Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Morgan Stanley upped their price target on Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. raised their price objective on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Cannonball Research assumed coverage on Reddit in a report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price on the stock. Finally, Jefferies Financial Group began coverage on shares of Reddit in a report on Wednesday, October 9th. They set a “buy” rating and a $90.00 price target for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $70.28.

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.