Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe Sells 21,000 Shares

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 21,000 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $162.80, for a total value of $3,418,800.00. Following the transaction, the chief technology officer now owns 281,213 shares in the company, valued at approximately $45,781,476.40. This trade represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Wednesday, January 22nd, Christopher Brian Slowe sold 5,000 shares of Reddit stock. The shares were sold at an average price of $184.15, for a total value of $920,750.00.
• On Monday, December 23rd, Christopher Brian Slowe sold 11,000 shares of Reddit stock. The stock was sold at an average price of $169.85, for a total value of $1,868,350.00.

Reddit Stock Up 5.0 %

Shares of NYSE RDDT opened at $168.05 on Thursday. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41. The firm’s 50-day simple moving average is $183.83 and its 200 day simple moving average is $125.99. The company has a market cap of $30.40 billion and a price-to-earnings ratio of -21.74.

Reddit (NYSE:RDDT) last announced its quarterly earnings data 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, equities analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

RDDT has been the subject of a number of analyst reports. B. Riley boosted their price objective on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Seaport Res Ptn raised shares of Reddit to a “hold” rating in a research report on Thursday, February 6th. Citigroup restated a “neutral” rating on shares of Reddit in a report on Thursday, February 13th. Piper Sandler lifted their price objective on Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Finally, Morgan Stanley increased their target price on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $175.95.

Hedge Funds Weigh In On Reddit

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RDDT. Heck Capital Advisors LLC bought a new stake in Reddit in the fourth quarter valued at approximately $125,000. B. Riley Wealth Advisors Inc. bought a new position in shares of Reddit during the fourth quarter worth $2,716,000. Integrated Advisors Network LLC acquired a new position in shares of Reddit in the 4th quarter valued at $491,000. Mackenzie Financial Corp bought a new stake in shares of Reddit in the 4th quarter valued at $316,000. Finally, Cache Advisors LLC acquired a new stake in Reddit during the 4th quarter worth $3,269,000.

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.