Reddit, Inc. (NYSE:RDDT) CTO Sells $3,066,210.00 in Stock

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 21,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $146.01, for a total transaction of $3,066,210.00. Following the transaction, the chief technology officer now directly owns 297,925 shares in the company, valued at approximately $43,500,029.25. This represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

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

• On Tuesday, October 22nd, Christopher Brian Slowe sold 5,000 shares of Reddit stock. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00.
• On Monday, September 23rd, Christopher Brian Slowe sold 11,000 shares of Reddit stock. The shares were sold at an average price of $65.56, for a total transaction of $721,160.00.

Reddit Stock Down 7.2 %

Shares of Reddit stock traded down $11.39 during trading hours on Friday, reaching $146.63. The company’s stock had a trading volume of 18,656,690 shares, compared to its average volume of 5,000,145. The stock’s fifty day simple moving average is $92.06 and its two-hundred day simple moving average is $71.24. Reddit, Inc. has a one year low of $37.35 and a one year high of $158.49.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business’s revenue for the quarter was up 67.9% compared to the same quarter last year. On average, equities research analysts predict that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RDDT. Jefferies Financial Group raised their price objective on Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Citigroup lifted their price target on Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. B. Riley reiterated a “buy” rating and issued a $112.00 price objective (up previously from $87.00) on shares of Reddit in a report on Wednesday, October 30th. Bank of America raised their price target on shares of Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, Cannonball Research initiated coverage on Reddit in a report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $91.67.

Institutional Investors Weigh In On Reddit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ARK Investment Management LLC increased its holdings in Reddit by 120.5% during the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after acquiring an additional 192,785 shares during the period. Victory Capital Management Inc. boosted its stake in Reddit by 903.8% during the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock valued at $33,231,000 after buying an additional 453,894 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in Reddit during the first quarter worth about $7,363,000. Objective Capital Management LLC bought a new position in Reddit in the 3rd quarter worth about $391,000. Finally, VY Capital Management Co. Ltd. purchased a new stake in shares of Reddit in the 3rd quarter valued at about $474,403,000.

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.