Reddit (NYSE:RDDT) Trading Down 6.2% on Insider Selling

Shares of Reddit, Inc. (NYSE:RDDT - Get Free Report) were down 6.2% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $117.87 and last traded at $117.68. Approximately 1,256,043 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 5,440,697 shares. The stock had previously closed at $125.43.

Specifically, CTO Christopher Brian Slowe sold 11,000 shares of the business's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $124.08, for a total value of $1,364,880.00. Following the completion of the transaction, the chief technology officer now directly owns 281,213 shares of the company's stock, valued at $34,892,909.04. The trade was a 3.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Andrew Vollero sold 100,000 shares of Reddit stock in a transaction on Monday, March 24th. The shares were sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the completion of the transaction, the chief financial officer now owns 499,295 shares in the company, valued at approximately $61,952,523.60. This trade represents a 16.69 % decrease in their position. The disclosure for this sale can be found here.

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Analyst Ratings Changes

RDDT has been the topic of a number of analyst reports. Citigroup reaffirmed an "outperform" rating on shares of Reddit in a research report on Friday. Bank of America lifted their price objective on shares of Reddit from $180.00 to $190.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. Wells Fargo & Company dropped their price target on shares of Reddit from $215.00 to $158.00 and set an "overweight" rating on the stock in a research report on Monday. Robert W. Baird upped their target price on Reddit from $160.00 to $185.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. Finally, Roth Capital downgraded shares of Reddit from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Reddit presently has an average rating of "Moderate Buy" and an average target price of $163.00.

Reddit Trading Down 2.7 %

The firm has a market cap of $18.96 billion and a P/E ratio of -13.56. The business has a 50-day moving average of $165.95 and a two-hundred day moving average of $137.81.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating 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, equities analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Institutional Investors Weigh In On Reddit

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Jennison Associates LLC purchased a new stake in shares of Reddit during the 4th quarter valued at $494,861,000. Renaissance Capital LLC increased its stake in shares of Reddit by 14.2% in the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock worth $5,105,000 after buying an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock valued at $105,003,000 after buying an additional 139,135 shares during the last quarter. Assetmark Inc. boosted its position in Reddit by 1,537,566.7% during the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company's stock valued at $7,539,000 after buying an additional 46,127 shares during the period. Finally, Wellington Management Group LLP grew its holdings in Reddit by 3,640.5% in the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company's stock worth $16,831,000 after acquiring an additional 248,499 shares during 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.