Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe Sells 5,000 Shares

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total value of $920,750.00. Following the completion of the sale, the chief technology officer now directly owns 35,252 shares of the company’s stock, valued at $6,491,655.80. This represents a 12.42 % 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 Monday, December 23rd, Christopher Brian Slowe sold 11,000 shares of Reddit stock. The shares were sold at an average price of $169.85, for a total transaction of $1,868,350.00.
• 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.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $182.24 on Monday. The business has a fifty day moving average of $163.38 and a 200-day moving average of $104.46. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $191.00.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating 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 business’s revenue was up 67.9% compared to the same quarter last year. As a group, research analysts forecast that Reddit, Inc. will post -3.48 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RDDT. JMP Securities lifted their target price on Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research report on Monday, November 25th. Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $70.00 to $200.00 in a report on Monday, December 9th. Citigroup upped their target price on Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Piper Sandler lifted their price target on shares of Reddit from $150.00 to $197.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 14th. Finally, B. Riley boosted their price target on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $158.20.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RDDT. FMR LLC raised its position in shares of Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. bought a new stake in Reddit during the 3rd quarter worth about $474,403,000. Jennison Associates LLC acquired a new position in Reddit during the 4th quarter valued at about $494,861,000. Holocene Advisors LP boosted its stake in shares of Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its position in shares of Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after buying an additional 2,225,895 shares during the period.

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.