Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe Sells 21,000 Shares

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 21,000 shares of Reddit stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $146.01, for a total transaction of $3,066,210.00. Following the sale, the chief technology officer now directly owns 297,925 shares of the company’s stock, valued at $43,500,029.25. This represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

• On Tuesday, October 22nd, Christopher Brian Slowe sold 5,000 shares of Reddit stock. The shares were sold at an average price of $77.48, for a total value of $387,400.00.
• On Monday, September 23rd, Christopher Brian Slowe sold 11,000 shares of Reddit stock. The stock was sold at an average price of $65.56, for a total value of $721,160.00.

Reddit Trading Down 7.2 %

Shares of NYSE:RDDT traded down $11.39 during midday trading on Friday, reaching $146.63. 18,656,690 shares of the company’s stock traded hands, compared to its average volume of 5,000,145. The stock has a 50 day moving average of $92.06 and a 200 day moving average of $71.24. Reddit, Inc. has a one year low of $37.35 and a one year high of $158.49.

Reddit (NYSE:RDDT) last issued its quarterly earnings data 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 return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The business’s revenue was up 67.9% compared to the same quarter last year. Sell-side analysts expect that Reddit, Inc. will post -3.63 earnings per share for the current year.

Hedge Funds Weigh In On Reddit

Institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets bought a new stake in Reddit during the first quarter valued at approximately $37,000. Whittier Trust Co. purchased a new position in shares of Reddit during the 3rd quarter worth $42,000. SOA Wealth Advisors LLC. bought a new stake in shares of Reddit during the 2nd quarter valued at $78,000. Sandia Investment Management LP purchased a new stake in shares of Reddit in the 1st quarter worth $79,000. Finally, Daiwa Securities Group Inc. bought a new position in Reddit in the 3rd quarter worth $85,000.

Analyst Ratings Changes

Several research firms recently commented on RDDT. Jefferies Financial Group increased their target price on shares of Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Cannonball Research initiated coverage on Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price target on the stock. Roth Mkm increased their price objective on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Citigroup upped their price target on shares of Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Loop Capital raised their price target on shares of Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $91.67.

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.