Reddit, Inc. (NYSE:RDDT) CFO Sells $722,368.00 in Stock

Reddit, Inc. (NYSE:RDDT) CFO Andrew Vollero sold 11,287 shares of Reddit stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total transaction of $722,368.00. Following the sale, the chief financial officer now owns 840,379 shares of the company’s stock, valued at $53,784,256. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Reddit Stock Up 2.5 %

Shares of NYSE RDDT opened at $66.17 on Monday. The business has a fifty day moving average of $59.47. Reddit, Inc. has a one year low of $37.35 and a one year high of $78.08.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The business had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. During the same period in the previous year, the company earned ($0.70) EPS. Reddit’s quarterly revenue was up 53.6% compared to the same quarter last year. Equities research analysts expect that Reddit, Inc. will post -4.17 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on RDDT shares. Sanford C. Bernstein lifted their price objective on shares of Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a research note on Monday, July 22nd. Cannonball Research started coverage on shares of Reddit in a research note on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective for the company. Loop Capital upgraded shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research note on Thursday, August 1st. JMP Securities restated a “market outperform” rating and set a $84.00 price objective on shares of Reddit in a research note on Tuesday, July 30th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $75.00 target price on shares of Reddit in a research note on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $66.12.

Institutional Investors Weigh In On Reddit

Large investors have recently modified their holdings of the business. DekaBank Deutsche Girozentrale purchased a new stake in shares of Reddit during the first quarter worth $7,363,000. Commonwealth Equity Services LLC purchased a new stake in shares of Reddit during the first quarter worth $1,111,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit during the first quarter worth $37,000. Vanguard Group Inc. purchased a new stake in shares of Reddit during the first quarter worth $82,167,000. Finally, Bamco Inc. NY acquired a new position in shares of Reddit during the 1st quarter valued at about $14,796,000.

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.