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 company’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $124.08, for a total value of $1,364,880.00. Following the completion of the transaction, the chief technology officer now directly owns 281,213 shares of the company’s stock, valued at $34,892,909.04. The trade was a 3.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

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

• On Monday, February 24th, Christopher Brian Slowe sold 21,000 shares of Reddit stock. The stock was sold at an average price of $162.80, for a total value of $3,418,800.00.
• On Wednesday, January 22nd, Christopher Brian Slowe sold 5,000 shares of Reddit stock. The shares were sold at an average price of $184.15, for a total transaction of $920,750.00.

Reddit Stock Down 8.2 %

NYSE:RDDT opened at $110.32 on Friday. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The stock’s fifty day moving average is $167.31 and its two-hundred day moving average is $136.36. The company has a market capitalization of $19.96 billion and a P/E ratio of -14.27.

Reddit (NYSE:RDDT) last issued 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 net margin of 37.25% and a negative return on equity of 24.71%. Sell-side analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on RDDT. Morgan Stanley upped their price objective on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. JMP Securities upped their price target on shares of Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 13th. B. Riley raised their price target on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Roth Capital cut Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. Finally, Raymond James lowered their price target on Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, March 12th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average target price of $167.86.

Hedge Funds Weigh In On Reddit

Large investors have recently made changes to their positions in the stock. FMR LLC increased its holdings in Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after purchasing an additional 9,139,196 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after buying an additional 5,950,909 shares during the period. Jennison Associates LLC acquired a new position in Reddit during the 4th quarter worth about $494,861,000. Alliancebernstein L.P. boosted its holdings in Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after acquiring an additional 2,537,768 shares during the period. Finally, Point72 Asset Management L.P. grew its position in Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after acquiring an additional 2,225,895 shares in 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.