Reddit, Inc. (NYSE:RDDT) COO Sells $4,173,958.26 in Stock

Reddit, Inc. (NYSE:RDDT - Get Free Report) COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $125.22, for a total value of $4,173,958.26. Following the completion of the transaction, the chief operating officer now owns 1,466,119 shares in the company, valued at approximately $183,587,421.18. The trade was a 2.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Reddit Stock Performance

RDDT stock traded up $6.71 during midday trading on Friday, hitting $115.46. 7,971,329 shares of the stock were exchanged, compared to its average volume of 5,518,548. The stock's 50-day moving average price is $171.19 and its 200-day moving average price is $135.71. The stock has a market cap of $20.89 billion and a price-to-earnings ratio of -14.94. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping 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%. Research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

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Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price objective on Reddit from $142.00 to $185.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. Seaport Res Ptn upgraded Reddit to a "hold" rating in a report on Thursday, February 6th. Loop Capital reiterated a "buy" rating and issued a $210.00 price objective on shares of Reddit in a report on Tuesday, March 11th. Bank of America raised their price target on Reddit from $180.00 to $190.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. Finally, Jefferies Financial Group raised their price target on Reddit from $120.00 to $175.00 and gave the stock a "buy" rating in a research note on Monday, November 25th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $162.68.

Hedge Funds Weigh In On Reddit

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Ridgewood Investments LLC raised its holdings in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after purchasing an additional 100 shares during the last quarter. Proficio Capital Partners LLC increased its position in Reddit by 2.1% during the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after buying an additional 120 shares in the last quarter. Farther Finance Advisors LLC increased its position in Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after buying an additional 147 shares in the last quarter. UMB Bank n.a. increased its position in Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock worth $251,000 after buying an additional 150 shares in the last quarter. Finally, Foundations Investment Advisors LLC increased its position in Reddit by 3.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock worth $870,000 after buying an additional 155 shares in the last quarter.

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.