Reddit, Inc. (NYSE:RDDT) CFO Sells $722,368.00 in Stock

Reddit, Inc. (NYSE:RDDT) CFO Andrew Vollero sold 11,287 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total transaction of $722,368.00. Following the completion of the sale, the chief financial officer now owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Reddit Trading Up 2.5 %

Shares of Reddit stock opened at $66.17 on Monday. The stock has a 50 day moving average price of $59.47. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $78.08.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. During the same period in the previous year, the firm earned ($0.70) EPS. The firm’s quarterly revenue was up 53.6% on a year-over-year basis. On average, equities research analysts expect that Reddit, Inc. will post -4.17 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RDDT. Loop Capital upgraded shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a report on Thursday, August 1st. Sanford C. Bernstein raised their price target on shares of Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Monday, July 22nd. Piper Sandler raised their price target on shares of Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Roth Mkm reduced their price target on shares of Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $75.00 price target on shares of Reddit in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.12.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Truist Financial Corp purchased a new position in shares of Reddit in the 2nd quarter worth approximately $266,000. Scientech Research LLC boosted its stake in Reddit by 120.0% in the 2nd quarter. Scientech Research LLC now owns 19,432 shares of the company’s stock worth $1,242,000 after purchasing an additional 10,601 shares in the last quarter. Maverick Capital Ltd. boosted its stake in Reddit by 147.4% in the 2nd quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock worth $47,416,000 after purchasing an additional 442,145 shares in the last quarter. Alight Capital Management LP acquired a new stake in Reddit in the 2nd quarter worth approximately $3,194,000. Finally, Marshall Wace LLP boosted its stake in Reddit by 117.2% in the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after purchasing an additional 457,588 shares in the last quarter.

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.