Andrew Vollero Sells 48,122 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) CFO Andrew Vollero sold 48,122 shares of the business’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $162.80, for a total value of $7,834,261.60. Following the completion of the transaction, the chief financial officer now directly owns 599,295 shares of the company’s stock, valued at approximately $97,565,226. The trade was a 7.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Reddit Stock Up 1.5 %

NYSE:RDDT opened at $162.13 on Friday. The stock’s 50 day moving average price is $183.57 and its two-hundred day moving average price is $126.99. The firm has a market capitalization of $29.33 billion and a price-to-earnings ratio of -20.97. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Equities research analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Institutional Trading of Reddit

Several institutional investors and hedge funds have recently bought and sold shares of RDDT. FMR LLC raised its stake in Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after buying an additional 9,139,196 shares during the period. Vanguard Group Inc. grew its position in shares of Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after purchasing an additional 5,950,909 shares during the last quarter. Jennison Associates LLC acquired a new position in shares of Reddit in the fourth quarter valued at approximately $494,861,000. Alliancebernstein L.P. grew its position in shares of Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after purchasing an additional 2,537,768 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its position in shares of Reddit by 3,172.0% in 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 purchasing an additional 2,225,895 shares during the last quarter.

Wall Street Analysts Forecast Growth

RDDT has been the subject of a number of research analyst reports. Seaport Res Ptn raised Reddit to a “hold” rating in a research note on Thursday, February 6th. Jefferies Financial Group boosted their price target on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. Wells Fargo & Company boosted their price target on Reddit from $206.00 to $215.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Robert W. Baird boosted their price target on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Finally, Bank of America boosted their price target on Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $175.95.

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.