Reddit, Inc. (NYSE:RDDT – Get Free Report) Director Mary Porter Gale sold 30,000 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the transaction, the director now owns 71,459 shares in the company, valued at approximately $3,738,020.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Mary Porter Gale also recently made the following trade(s):
- On Friday, August 9th, Mary Porter Gale sold 15,000 shares of Reddit stock. The shares were sold at an average price of $52.73, for a total transaction of $790,950.00.
Reddit Stock Performance
Shares of NYSE:RDDT opened at $55.59 on Friday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $78.08. The company’s 50 day simple moving average is $62.79.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Inclusive Capital Partners L.P. purchased a new position in Reddit in the 1st quarter valued at $103,051,000. Vanguard Group Inc. purchased a new position in shares of Reddit during the 1st quarter worth $82,167,000. Bank of New York Mellon Corp raised its holdings in shares of Reddit by 10.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after acquiring an additional 153,282 shares during the period. Marshall Wace LLP raised 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 acquiring an additional 457,588 shares during the period. Finally, Price T Rowe Associates Inc. MD purchased a new position in shares of Reddit during the 1st quarter worth $37,015,000.
Analyst Upgrades and Downgrades
Several brokerages recently weighed in on RDDT. Morgan Stanley increased their price target on shares of Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Cannonball Research began coverage on shares of Reddit in a report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price target on the stock. Citigroup increased their price target on shares of Reddit from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Reddit from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Finally, Robert W. Baird raised their price objective on shares of Reddit from $50.00 to $59.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Reddit has an average rating of “Moderate Buy” and a consensus target price of $65.56.
Get Our Latest Research Report on RDDT
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.
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