Reddit (NYSE:RDDT) COO Sells $9,179,569.79 in Stock

Reddit Inc. (NYSE:RDDT) COO Jennifer Wong sold 39,167 shares of the business’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $234.37, for a total value of $9,179,569.79. Following the transaction, the chief operating officer owned 1,184,528 shares in the company, valued at approximately $277,617,827.36. This represents a 3.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $226.16 on Friday. The business’s 50-day simple moving average is $210.74 and its 200 day simple moving average is $198.21. The company has a market cap of $42.86 billion, a P/E ratio of 129.97, a PEG ratio of 2.49 and a beta of 2.17. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.30. The company had revenue of $584.91 million during the quarter, compared to the consensus estimate of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. Reddit’s revenue for the quarter was up 67.9% on a year-over-year basis. During the same quarter last year, the company earned $0.16 earnings per share. Analysts predict that Reddit Inc. will post 1.12 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Keel Point LLC acquired a new position in shares of Reddit in the 3rd quarter worth approximately $292,000. Allworth Financial LP lifted its stake in Reddit by 52.4% during the third quarter. Allworth Financial LP now owns 2,001 shares of the company’s stock worth $460,000 after purchasing an additional 688 shares during the last quarter. IFP Advisors Inc boosted its holdings in Reddit by 9.9% in the third quarter. IFP Advisors Inc now owns 796 shares of the company’s stock worth $183,000 after purchasing an additional 72 shares during the period. Swiss Life Asset Management Ltd increased its stake in Reddit by 309.1% during the third quarter. Swiss Life Asset Management Ltd now owns 19,605 shares of the company’s stock valued at $4,509,000 after purchasing an additional 14,813 shares during the last quarter. Finally, CIBC Private Wealth Group LLC raised its holdings in shares of Reddit by 8.8% during the third quarter. CIBC Private Wealth Group LLC now owns 14,247 shares of the company’s stock worth $3,277,000 after purchasing an additional 1,149 shares during the period.

Analysts Set New Price Targets

RDDT has been the topic of a number of recent analyst reports. The Goldman Sachs Group reiterated a “neutral” rating and issued a $236.00 price objective on shares of Reddit in a report on Tuesday, October 14th. Wells Fargo & Company boosted their price target on Reddit from $155.00 to $174.00 and gave the stock a “cautious” rating in a research note on Tuesday, October 7th. JMP Securities restated a “market outperform” rating and set a $300.00 price objective on shares of Reddit in a research note on Friday, October 3rd. Royal Bank Of Canada restated a “sector perform” rating on shares of Reddit in a report on Wednesday, October 1st. Finally, Zacks Research upgraded Reddit from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 29th. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Reddit has an average rating of “Moderate Buy” and a consensus target price of $230.28.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.