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

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the sale, the chief operating officer now directly owns 1,504,297 shares in the company, valued at $261,642,377.21. This trade represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Reddit Price Performance

NYSE:RDDT opened at $183.79 on Thursday. The stock has a 50 day simple moving average of $160.20 and a 200 day simple moving average of $102.35. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $191.00.

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

Institutional Investors Weigh In On Reddit

Large investors have recently bought and sold shares of the company. Foundations Investment Advisors LLC lifted its holdings in shares of Reddit by 3.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after acquiring an additional 155 shares during the period. KBC Group NV bought a new stake in Reddit during the fourth quarter worth $391,000. Apexium Financial LP acquired a new stake in shares of Reddit in the 4th quarter valued at $213,000. Blue Trust Inc. bought a new position in shares of Reddit in the 4th quarter valued at $59,000. Finally, Arkfeld Wealth Strategies L.L.C. acquired a new position in shares of Reddit during the 4th quarter worth $373,000.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on RDDT. JPMorgan Chase & Co. upped their target price on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. JMP Securities raised their price objective on shares of Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a research note on Monday, November 25th. B. Riley upped their target price on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Loop Capital lifted their price objective on Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Finally, Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $70.00 to $200.00 in a research note on Monday, December 9th. One analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $158.20.

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.