Mary Porter Gale Sells 20,000 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) Director Mary Porter Gale sold 20,000 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $169.71, for a total value of $3,394,200.00. Following the transaction, the director now owns 26,309 shares in the company, valued at approximately $4,464,900.39. This trade represents a 43.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Reddit Trading Up 5.0 %

Shares of NYSE RDDT opened at $168.05 on Thursday. The stock has a market cap of $30.40 billion and a P/E ratio of -21.74. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41. The business’s fifty day simple moving average is $183.83 and its 200-day simple moving average is $125.99.

Reddit (NYSE:RDDT) last issued its quarterly earnings data 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%. On average, equities analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Reddit

A number of institutional investors have recently added to or reduced their stakes in RDDT. FMR LLC boosted its holdings in Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after purchasing an additional 9,139,196 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after acquiring an additional 5,950,909 shares during the period. Jennison Associates LLC acquired a new stake in shares of Reddit during the 4th quarter valued at approximately $494,861,000. Alliancebernstein L.P. raised its position in shares of Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after purchasing an additional 2,537,768 shares during the last quarter. Finally, Point72 Asset Management L.P. raised 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 purchasing an additional 2,225,895 shares during the last quarter.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Loop Capital boosted their price target on Reddit from $180.00 to $210.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. JMP Securities boosted their price target on Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a research note on Thursday, February 13th. Needham & Company LLC boosted their price objective on Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Morgan Stanley boosted their price objective on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Finally, Citigroup reissued a “neutral” rating on shares of Reddit in a report on Thursday, February 13th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $175.95.

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.