Insider Selling: Reddit, Inc. (NYSE:RDDT) CTO Sells 11,000 Shares of Stock

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 11,000 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $169.85, for a total transaction of $1,868,350.00. Following the completion of the transaction, the chief technology officer now directly owns 324,837 shares in the company, valued at $55,173,564.45. This trade represents a 3.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

• On Friday, November 22nd, Christopher Brian Slowe sold 21,000 shares of Reddit stock. The stock was sold at an average price of $146.01, for a total transaction of $3,066,210.00.
• 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.

Reddit Price Performance

Shares of Reddit stock traded down $0.67 during midday trading on Thursday, reaching $176.74. 2,441,462 shares of the company’s stock traded hands, compared to its average volume of 5,156,878. The stock has a 50 day moving average of $133.65 and a 200-day moving average of $87.73. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $182.20.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. As a group, equities research analysts forecast that Reddit, Inc. will post -3.46 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. JMP Securities lifted their price target on shares of Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a report on Monday, November 25th. Morgan Stanley upgraded Reddit from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $70.00 to $200.00 in a research note on Monday, December 9th. Robert W. Baird increased their price target on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Loop Capital boosted their price target on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. Finally, The Goldman Sachs Group increased their price objective on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $132.70.

Institutional Trading of Reddit

Large investors have recently bought and sold shares of the company. Whittier Trust Co. bought a new position in shares of Reddit in the 3rd quarter worth approximately $42,000. Daiwa Securities Group Inc. purchased a new stake in Reddit in the third quarter worth $85,000. UMB Bank n.a. purchased a new stake in Reddit in the second quarter worth $88,000. SOA Wealth Advisors LLC. raised its holdings in Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after purchasing an additional 691 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new position in Reddit during the third quarter valued at $144,000.

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.