Reddit, Inc. (NYSE:RDDT) Director Mary Porter Gale Sells 5,000 Shares

Reddit, Inc. (NYSE:RDDT) Director Mary Porter Gale sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $114.40, for a total transaction of $572,000.00. Following the sale, the director now directly owns 46,459 shares of the company’s stock, valued at approximately $5,314,909.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Mary Porter Gale also recently made the following trade(s):

• On Monday, August 12th, Mary Porter Gale sold 30,000 shares of Reddit stock. The shares were sold at an average price of $52.31, for a total transaction of $1,569,300.00.
• On Friday, August 9th, Mary Porter Gale sold 15,000 shares of Reddit stock. The shares were sold at an average price of $52.73, for a total transaction of $790,950.00.

Reddit Stock Performance

NYSE RDDT traded up $14.14 on Tuesday, hitting $123.17. 10,811,491 shares of the stock were exchanged, compared to its average volume of 4,855,021. The business’s fifty day moving average is $72.42 and its 200 day moving average is $63.48. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $123.60.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (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 for the quarter, compared to analyst estimates of $313.61 million. Reddit’s revenue for the quarter was up 67.9% compared to the same quarter last year. As a group, research analysts anticipate that Reddit, Inc. will post -4.05 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on RDDT. Citigroup upped their price target on shares of Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Needham & Company LLC upped their price target on shares of Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Piper Sandler reiterated an “overweight” rating and issued a $115.00 price target (up previously from $70.00) on shares of Reddit in a report on Wednesday, October 30th. Bank of America upped their price target on shares of Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Jefferies Financial Group upped their price target on shares of Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $89.72.

Institutional Trading of Reddit

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Whittier Trust Co. bought a new stake in Reddit during the third quarter worth $42,000. BNP Paribas Financial Markets bought a new position in shares of Reddit in the first quarter valued at about $37,000. SOA Wealth Advisors LLC. bought a new position in shares of Reddit in the second quarter valued at about $78,000. ANTIPODES PARTNERS Ltd bought a new position in shares of Reddit in the first quarter valued at about $63,000. Finally, UMB Bank n.a. bought a new position in shares of Reddit in the second quarter valued at about $88,000.

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.