Insider Selling: Reddit, Inc. (NYSE:RDDT) CTO Sells $1,364,880.00 in Stock

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 11,000 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 $1,364,880.00. Following the completion of the sale, the chief technology officer now directly owns 281,213 shares of the company’s stock, valued at approximately $34,892,909.04. This trade represents a 3.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Christopher Brian Slowe also recently made the following trade(s):

• On Monday, February 24th, Christopher Brian Slowe sold 21,000 shares of Reddit stock. The shares were sold at an average price of $162.80, for a total value of $3,418,800.00.
• On Wednesday, January 22nd, Christopher Brian Slowe sold 5,000 shares of Reddit stock. The stock was sold at an average price of $184.15, for a total value of $920,750.00.

Reddit Stock Down 2.4 %

NYSE RDDT opened at $107.57 on Friday. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The firm has a 50 day moving average of $165.95 and a two-hundred day moving average of $136.71. The stock has a market capitalization of $19.46 billion and a PE ratio of -13.92.

Reddit (NYSE:RDDT) last posted its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating 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 research analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. FMR LLC boosted its holdings in Reddit by 7.5% in the fourth quarter. FMR LLC now owns 13,070,780 shares of the company’s stock valued at $2,136,288,000 after purchasing an additional 913,189 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 worth $1,500,606,000 after buying an additional 5,950,909 shares during the last quarter. Jennison Associates LLC acquired a new position in shares of Reddit in the 4th quarter valued at $494,861,000. Holocene Advisors LP grew its position in shares of Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after buying an additional 1,923,109 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in 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 acquiring an additional 2,537,768 shares in the last quarter.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Citigroup reiterated an “outperform” rating on shares of Reddit in a report on Friday. Redburn Atlantic assumed coverage on shares of Reddit in a research report on Monday, March 17th. They set a “sell” rating and a $75.00 price target for the company. Roth Mkm downgraded shares of Reddit from a “buy” rating to a “neutral” rating and boosted their price target for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Morgan Stanley increased their price objective on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Finally, Robert W. Baird boosted their target price on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $165.71.

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.