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

Reddit, Inc. (NYSE:RDDT - Get Free Report)'s stock price was down 6.2% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $117.87 and last traded at $117.68. Approximately 1,256,043 shares were traded 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 firm'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 sale, the chief technology officer now directly owns 281,213 shares of the company's stock, valued at $34,892,909.04. This trade represents a 3.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Andrew Vollero sold 100,000 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $124.08, for a total value of $12,408,000.00. Following the transaction, the chief financial officer now owns 499,295 shares of the company's stock, valued at $61,952,523.60. The trade was a 16.69 % decrease in their position. The disclosure for this sale can be found here.

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Wall Street Analysts Forecast Growth

RDDT has been the topic of several recent research reports. JPMorgan Chase & Co. upped their price objective on shares of Reddit from $142.00 to $185.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. Seaport Res Ptn raised shares of Reddit to a "hold" rating in a report on Thursday, February 6th. The Goldman Sachs Group increased their target price on Reddit from $105.00 to $176.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 14th. Raymond James reduced their price target on Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research report on Wednesday, March 12th. Finally, Bank of America increased their price objective on Reddit from $180.00 to $190.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. Two 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 given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $165.71.

Reddit Stock Down 2.4 %

The firm has a market capitalization of $19.46 billion and a P/E ratio of -13.92. The business's 50-day simple moving average is $165.95 and its 200 day simple moving average is $137.27.

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

Institutional Investors Weigh In On Reddit

A number of large investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System grew its position in shares of Reddit by 126.6% in the 4th quarter. California State Teachers Retirement System now owns 48,380 shares of the company's stock worth $7,907,000 after buying an additional 27,032 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in Reddit in the 4th quarter worth $2,208,000. Kilter Group LLC purchased a new stake in shares of Reddit in the 4th quarter worth about $928,000. Castle Rock Wealth Management LLC bought a new stake in shares of Reddit during the 4th quarter valued at about $789,000. Finally, Brooklyn FI LLC purchased a new position in shares of Reddit during the fourth quarter valued at about $6,339,000.

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.