Jennifer Wong Sells 39,166 Shares of Reddit (NYSE:RDDT) Stock

Reddit Inc. (NYSE:RDDT) COO Jennifer Wong sold 39,166 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total value of $6,930,032.04. Following the sale, the chief operating officer owned 1,050,339 shares of the company’s stock, valued at $185,846,982.66. This represents a 3.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Reddit Price Performance

Shares of Reddit stock opened at $175.38 on Friday. The business’s 50 day simple moving average is $160.93 and its two-hundred day simple moving average is $175.68. The stock has a market capitalization of $33.76 billion, a P/E ratio of 50.11 and a beta of 1.91. Reddit Inc. has a one year low of $119.27 and a one year high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. During the same quarter in the previous year, the company posted $0.13 earnings per share. The business’s revenue was up 69.1% on a year-over-year basis. Sell-side analysts expect that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Raiffeisen Bank International AG bought a new stake in shares of Reddit during the 3rd quarter valued at about $25,000. Sunbelt Securities Inc. raised its stake in Reddit by 87.5% in the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock worth $26,000 after buying an additional 91 shares in the last quarter. GW&K Investment Management LLC bought a new position in Reddit in the third quarter worth about $30,000. Ascentis Independent Advisors bought a new position in Reddit in the first quarter worth about $30,000. Finally, LOM Asset Management Ltd purchased a new stake in Reddit in the fourth quarter worth about $33,000.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on RDDT. Piper Sandler reissued an “overweight” rating and set a $215.00 price target (up from $205.00) on shares of Reddit in a research report on Friday, May 1st. Wells Fargo & Company boosted their price objective on shares of Reddit from $149.00 to $176.00 and gave the company an “equal weight” rating in a research report on Friday, May 1st. DA Davidson reaffirmed a “buy” rating and set a $200.00 price objective on shares of Reddit in a research note on Friday, May 1st. Cantor Fitzgerald increased their target price on shares of Reddit from $170.00 to $180.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Finally, Raymond James Financial set a $180.00 target price on shares of Reddit and gave the stock a “market perform” rating in a report on Friday, May 1st. Eighteen analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $230.75.

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.