Reddit, Inc. (NYSE:RDDT) CFO Andrew Vollero Sells 48,122 Shares

Reddit, Inc. (NYSE:RDDT) CFO Andrew Vollero sold 48,122 shares of the company’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the completion of the transaction, the chief financial officer now owns 599,295 shares in the company, valued at $97,565,226. This represents a 7.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Reddit Trading Up 5.0 %

Shares of RDDT opened at $168.05 on Thursday. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41. The firm’s 50-day moving average price is $183.83 and its 200-day moving average price is $125.99. The firm has a market capitalization of $30.40 billion and a price-to-earnings ratio of -21.74.

Reddit (NYSE:RDDT) last released its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Jefferies Financial Group upped their price objective on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Morgan Stanley increased their price target on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Raymond James lifted their price objective on shares of Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a report on Monday, February 10th. The Goldman Sachs Group upped their target price on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. raised their price target on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and an average target price of $175.95.

Institutional Investors Weigh In On Reddit

Hedge funds and other institutional investors have recently bought and sold shares of the business. Jennison Associates LLC bought a new stake in shares of Reddit in the 4th quarter worth approximately $494,861,000. Renaissance Capital LLC boosted its holdings in Reddit by 14.2% in the fourth 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 boosted its holdings in Reddit by 120.5% in the third 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 grew its stake in shares of Reddit by 3,640.5% in the third 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 during the last quarter. Finally, Newbridge Financial Services Group Inc. increased its holdings in shares of Reddit by 666.7% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 2,300 shares of the company’s stock valued at $376,000 after acquiring an additional 2,000 shares in the last quarter.

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.