Reddit, Inc. (NYSE:RDDT) COO Sells $6,257,270.76 in Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $187.72, for a total value of $6,257,270.76. Following the completion of the transaction, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at $282,386,632.84. The trade was a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Reddit Price Performance

RDDT opened at $166.27 on Friday. The business has a 50 day simple moving average of $184.13 and a two-hundred day simple moving average of $123.65. The firm has a market capitalization of $30.08 billion and a price-to-earnings ratio of -21.51. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. As a group, sell-side analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RDDT. Seaport Res Ptn upgraded Reddit to a “hold” rating in a report on Thursday, February 6th. Guggenheim began coverage on Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective for the company. B. Riley upped their price objective on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Needham & Company LLC upped their price objective on Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Finally, Raymond James boosted their target price on Reddit from $200.00 to $250.00 and gave the company a “strong-buy” rating in a research note on Monday, February 10th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $175.95.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Jennison Associates LLC bought a new position in shares of Reddit in the 4th quarter worth approximately $494,861,000. Renaissance Capital LLC raised its position in shares of Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after acquiring an additional 3,892 shares in the last quarter. ARK Investment Management LLC raised its position in shares of Reddit by 120.5% in 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 in the last quarter. Wellington Management Group LLP raised its position in shares of Reddit by 3,640.5% in the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after acquiring an additional 248,499 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. raised its position in shares of Reddit by 666.7% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 2,300 shares of the company’s stock worth $376,000 after acquiring an additional 2,000 shares in the last quarter.

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.