Reddit, Inc. (NYSE:RDDT) Director Mary Porter Gale Sells 5,000 Shares

Reddit, Inc. (NYSE:RDDT) Director Mary Porter Gale sold 5,000 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the completion of the transaction, the director now directly owns 46,459 shares in the company, valued at $5,314,909.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Mary Porter Gale also recently made the following trade(s):

• On Monday, August 12th, Mary Porter Gale sold 30,000 shares of Reddit stock. The shares were sold at an average price of $52.31, for a total transaction of $1,569,300.00.
• On Friday, August 9th, Mary Porter Gale sold 15,000 shares of Reddit stock. The shares were sold at an average price of $52.73, for a total transaction of $790,950.00.

Reddit Stock Up 13.0 %

NYSE:RDDT traded up $14.14 during mid-day trading on Tuesday, hitting $123.17. 10,811,491 shares of the company’s stock were exchanged, compared to its average volume of 4,855,021. The company has a 50 day simple moving average of $72.42 and a 200-day simple moving average of $63.48. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $123.60.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. On average, research analysts anticipate that Reddit, Inc. will post -4.05 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. StoneCrest Wealth Management Inc. lifted its position in shares of Reddit by 2.6% in the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after purchasing an additional 176 shares during the period. Whittier Trust Co. acquired a new position in shares of Reddit in the 3rd quarter worth approximately $42,000. BNP Paribas Financial Markets acquired a new position in shares of Reddit in the 1st quarter worth approximately $37,000. Vestor Capital LLC lifted its position in shares of Reddit by 1.1% in the 3rd quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock worth $5,589,000 after purchasing an additional 922 shares during the period. Finally, SOA Wealth Advisors LLC. acquired a new position in shares of Reddit during the 2nd quarter valued at $78,000.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Loop Capital upped their price target on shares of Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, October 25th. The Goldman Sachs Group upped their price target on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Bank of America increased their price objective on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Raymond James increased their price objective on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 10th. Finally, Cannonball Research started coverage on shares of Reddit in a research note on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $89.72.

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.