Reddit (NYSE:RDDT) Shares Down 6.2% on Insider Selling

Reddit, Inc. (NYSE:RDDT) traded down 6.2% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $117.87 and last traded at $117.68. 1,256,043 shares traded hands during trading, a decline of 77% from the average session volume of 5,440,697 shares. The stock had previously closed at $125.43.

Specifically, CTO Christopher Brian Slowe sold 11,000 shares of Reddit stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $1,364,880.00. Following the transaction, the chief technology officer now owns 281,213 shares of the company’s stock, valued at $34,892,909.04. The trade was a 3.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Andrew Vollero sold 100,000 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the sale, the chief financial officer now directly owns 499,295 shares of the company’s stock, valued at approximately $61,952,523.60. This represents a 16.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several research analysts have issued reports on RDDT shares. Morgan Stanley upped their price target on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. JPMorgan Chase & Co. lifted their target price on Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Redburn Atlantic began coverage on Reddit in a research report on Monday, March 17th. They set a “sell” rating and a $75.00 target price on the stock. Citigroup reiterated an “outperform” rating on shares of Reddit in a research report on Friday. Finally, Robert W. Baird boosted their price objective on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and an average price target of $167.86.

Reddit Trading Down 8.2 %

The firm has a market capitalization of $19.96 billion and a PE ratio of -14.27. The firm’s fifty day moving average price is $167.31 and its 200 day moving average price is $136.36.

Reddit (NYSE:RDDT) last issued 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%. As a group, research analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Reddit

A number of hedge funds have recently added to or reduced their stakes in the company. Ridgewood Investments LLC lifted its stake in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares during the last quarter. Proficio Capital Partners LLC raised its holdings in shares of Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock valued at $966,000 after purchasing an additional 120 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Reddit by 148.5% in the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after purchasing an additional 147 shares during the last quarter. UMB Bank n.a. boosted its holdings in Reddit by 10.8% in the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after purchasing an additional 150 shares in the last quarter. Finally, Foundations Investment Advisors LLC increased its position in Reddit by 3.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after buying an additional 155 shares during 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.