Insider Selling: Reddit, Inc. (NYSE:RDDT) COO Sells 33,333 Shares of Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $187.72, for a total value of $6,257,270.76. Following the sale, the chief operating officer now owns 1,504,297 shares in the company, valued at $282,386,632.84. The trade was a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Reddit Stock Down 5.2 %

Shares of RDDT stock opened at $166.27 on Friday. The stock has a 50-day simple moving average of $184.13 and a 200 day simple moving average of $123.17. The stock has a market capitalization of $29.19 billion and a P/E ratio of -21.51. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, sell-side analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

RDDT has been the subject of a number of recent research reports. Guggenheim assumed coverage on Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 price objective for the company. Sanford C. Bernstein increased their price objective on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Piper Sandler lifted their price objective on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday. B. Riley upped their target price on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Finally, Loop Capital raised their price target on shares of Reddit from $180.00 to $210.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $175.95.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RDDT. Plato Investment Management Ltd acquired a new stake in shares of Reddit during the 4th quarter valued at $27,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Reddit during the fourth quarter worth $28,000. Ridgewood Investments LLC lifted its holdings in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. acquired a new position in shares of Reddit in the 4th quarter valued at $33,000. Finally, Bogart Wealth LLC purchased a new position in Reddit in the 4th quarter worth about $33,000.

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.