Reddit, Inc. (NYSE:RDDT) COO Sells $3,133,062.66 in Stock

Reddit, Inc. (NYSE:RDDT - Get Free Report) COO Jennifer L. Wong sold 33,334 shares of the company's stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total value of $3,133,062.66. Following the transaction, the chief operating officer now directly owns 1,466,119 shares in the company, valued at $137,800,524.81. The trade was a 2.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Reddit Price Performance

RDDT stock traded up $0.66 on Friday, reaching $96.04. 2,852,484 shares of the company were exchanged, compared to its average volume of 5,521,081. Reddit, Inc. has a 12 month low of $40.17 and a 12 month high of $230.41. The stock's fifty day moving average price is $131.49 and its 200 day moving average price is $140.37. The firm has a market capitalization of $17.37 billion and a PE ratio of -12.42.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. As a group, research analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Reddit

A number of hedge funds have recently made changes to their positions in RDDT. WD Rutherford LLC acquired a new position in Reddit in the first quarter worth about $208,000. QRG Capital Management Inc. acquired a new position in shares of Reddit in the 1st quarter worth approximately $368,000. Sowell Financial Services LLC bought a new position in shares of Reddit during the 1st quarter worth approximately $739,000. Janney Montgomery Scott LLC boosted its stake in Reddit by 4.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 9,183 shares of the company's stock valued at $963,000 after buying an additional 397 shares in the last quarter. Finally, Good Life Advisors LLC bought a new stake in Reddit in the first quarter valued at $1,081,000.

Analyst Upgrades and Downgrades

RDDT has been the topic of a number of research reports. JMP Securities set a $155.00 target price on Reddit in a report on Friday, March 28th. Seaport Res Ptn upgraded shares of Reddit to a "hold" rating in a research note on Thursday, February 6th. Roth Capital lowered shares of Reddit from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, January 22nd. Morgan Stanley cut their price objective on Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a report on Thursday. Finally, Piper Sandler dropped their target price on Reddit from $220.00 to $140.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $142.22.

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.

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