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 company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $128.13, for a total transaction of $4,270,957.29. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $197,635,015.41. This represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Reddit Price Performance

RDDT opened at $136.27 on Thursday. The firm has a 50 day moving average price of $88.35 and a 200-day moving average price of $69.95. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $139.04.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. Equities research analysts anticipate that Reddit, Inc. will post -3.63 EPS for the current fiscal year.

Institutional Trading of Reddit

A number of hedge funds have recently bought and sold shares of the company. FMR LLC boosted its position in Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. purchased a new position in shares of Reddit in the third quarter worth approximately $474,403,000. Holocene Advisors LP grew its position in Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after buying an additional 1,923,109 shares during the period. Point72 Asset Management L.P. grew its position in Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after buying an additional 2,225,895 shares during the period. Finally, Inclusive Capital Partners L.P. purchased a new stake in Reddit during the first quarter valued at approximately $103,051,000.

Analyst Upgrades and Downgrades

Several research firms recently commented on RDDT. Sanford C. Bernstein boosted their price objective on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. Raymond James boosted their price target on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. upped their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. B. Riley reiterated a “buy” rating and set a $112.00 price objective (up previously from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Finally, Jefferies Financial Group increased their target price on Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.67.

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.