Christopher Brian Slowe Sells 11,000 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 11,000 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $65.56, for a total value of $721,160.00. Following the sale, the chief technology officer now owns 339,295 shares of the company’s stock, valued at approximately $22,244,180.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Christopher Brian Slowe also recently made the following trade(s):

• On Tuesday, August 20th, Christopher Brian Slowe sold 21,000 shares of Reddit stock. The shares were sold at an average price of $53.99, for a total transaction of $1,133,790.00.

Reddit Stock Performance

NYSE RDDT opened at $66.52 on Friday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $78.08. The stock has a 50 day simple moving average of $59.29.

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

Institutional Investors Weigh In On Reddit

Several hedge funds have recently modified their holdings of the stock. Truist Financial Corp purchased a new position in Reddit in the 2nd quarter worth about $266,000. Scientech Research LLC boosted its holdings in shares of Reddit by 120.0% in the second quarter. Scientech Research LLC now owns 19,432 shares of the company’s stock worth $1,242,000 after buying an additional 10,601 shares during the period. Maverick Capital Ltd. increased its position in shares of Reddit by 147.4% in the second quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock worth $47,416,000 after acquiring an additional 442,145 shares in the last quarter. Alight Capital Management LP acquired a new stake in shares of Reddit during the second quarter valued at approximately $3,194,000. Finally, Marshall Wace LLP lifted its position in shares of Reddit by 117.2% in the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after acquiring an additional 457,588 shares in the last quarter.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of recent analyst reports. Loop Capital upgraded shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research note on Thursday, August 1st. Bank of America lifted their price target on shares of Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. B. Riley started coverage on shares of Reddit in a research note on Friday, September 20th. They set a “buy” rating and a $75.00 price objective on the stock. Cannonball Research began coverage on Reddit in a research note on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price for the company. Finally, Roth Mkm dropped their price target on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $66.12.

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.