Jennifer L. Wong Sells 33,333 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $59.18, for a total value of $1,972,646.94. Following the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at approximately $91,282,605.26. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Reddit Price Performance

Shares of RDDT opened at $64.53 on Friday. The company has a fifty day simple moving average of $59.63. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $78.08.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. The business had revenue of $281.20 million during the quarter, compared to analyst estimates of $253.86 million. The company’s revenue was up 53.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.70) earnings per share. On average, analysts forecast that Reddit, Inc. will post -4.17 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have recently commented on RDDT shares. Roth Mkm decreased their price target on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Sanford C. Bernstein boosted their price target on Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Monday, July 22nd. Bank of America boosted their price target on Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Raymond James boosted their price target on Reddit from $65.00 to $70.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 31st. Finally, JPMorgan Chase & Co. reduced their target price on Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $65.56.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RDDT. Inclusive Capital Partners L.P. acquired a new position in Reddit in the 1st quarter valued at $103,051,000. Vanguard Group Inc. acquired a new stake in shares of Reddit during the 1st quarter worth $82,167,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of Reddit during the 1st quarter worth $37,015,000. Blackstone Inc. acquired a new stake in shares of Reddit during the 1st quarter worth $36,990,000. Finally, Marshall Wace LLP increased its holdings in shares of Reddit by 117.2% during the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after buying an additional 457,588 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.