Reddit, Inc. (NYSE:RDDT) COO Sells $6,257,270.76 in Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $187.72, for a total value of $6,257,270.76. Following the transaction, the chief operating officer now directly owns 1,504,297 shares in the company, valued at $282,386,632.84. This trade represents a 2.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Reddit Price Performance

NYSE:RDDT traded down $14.48 on Thursday, reaching $175.18. 10,604,237 shares of the company’s stock were exchanged, compared to its average volume of 5,912,361. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The stock has a fifty day simple moving average of $184.25 and a 200-day simple moving average of $122.41. The firm has a market cap of $30.76 billion and a price-to-earnings ratio of -22.66.

Reddit (NYSE:RDDT) last released its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. As a group, sell-side analysts predict that Reddit, Inc. will post 1.12 EPS for the current year.

Institutional Trading of Reddit

A number of institutional investors and hedge funds have recently bought and sold shares of RDDT. Ridgewood Investments LLC raised its stake in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after buying an additional 100 shares during the last quarter. Proficio Capital Partners LLC boosted its stake in Reddit by 2.1% in the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after purchasing an additional 120 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of Reddit by 148.5% during the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after purchasing an additional 147 shares during the last quarter. UMB Bank n.a. boosted its position in shares of Reddit by 10.8% during the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after acquiring an additional 150 shares during the last quarter. Finally, Foundations Investment Advisors LLC grew its position in Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after acquiring an additional 155 shares in the last quarter.

Analysts Set New Price Targets

Several equities research analysts have commented on RDDT shares. Morgan Stanley upped their target price on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a report on Thursday, February 6th. The Goldman Sachs Group upped their target price on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Sanford C. Bernstein upped their target price on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a report on Wednesday, October 30th. Finally, Citigroup raised their price target on Reddit from $200.00 to $220.00 and gave the company a “buy” rating in a report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $175.45.

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.