Christopher Brian Slowe Sells 21,000 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 21,000 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $3,418,800.00. Following the sale, the chief technology officer now directly owns 281,213 shares in the company, valued at $45,781,476.40. This trade represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Wednesday, January 22nd, Christopher Brian Slowe sold 5,000 shares of Reddit stock. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00.
• On Monday, December 23rd, Christopher Brian Slowe sold 11,000 shares of Reddit stock. The shares were sold at an average price of $169.85, for a total transaction of $1,868,350.00.

Reddit Trading Up 1.5 %

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

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports 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 report on Thursday, February 13th. The Goldman Sachs Group increased their target price on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Wells Fargo & Company increased their price target on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Guggenheim started coverage on shares of Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 price target for the company. Finally, JPMorgan Chase & Co. raised their price target on shares of Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $175.95.

Institutional Investors Weigh In On Reddit

Large investors have recently bought and sold shares of the stock. Jennison Associates LLC acquired a new stake in Reddit in the fourth quarter worth $494,861,000. Renaissance Capital LLC grew its holdings in shares of Reddit by 14.2% during the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after buying an additional 3,892 shares during the last quarter. ARK Investment Management LLC grew its holdings in shares of Reddit by 120.5% during the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after buying an additional 192,785 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Reddit by 3,640.5% during the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after buying an additional 248,499 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. grew its holdings in shares of Reddit by 666.7% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 2,300 shares of the company’s stock valued at $376,000 after buying an additional 2,000 shares during the last quarter.

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.