Insider Selling: Reddit (NYSE:RDDT) CAO Sells $2,620,454.55 in Stock

Reddit Inc. (NYSE:RDDT) CAO Michelle Marie Reynolds sold 11,249 shares of the stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $232.95, for a total transaction of $2,620,454.55. Following the sale, the chief accounting officer directly owned 10,558 shares in the company, valued at $2,459,486.10. This trade represents a 51.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Michelle Marie Reynolds also recently made the following trade(s):

• On Monday, November 24th, Michelle Marie Reynolds sold 3,215 shares of Reddit stock. The stock was sold at an average price of $186.44, for a total transaction of $599,404.60.

Reddit Stock Performance

NYSE:RDDT opened at $224.38 on Friday. The company has a market cap of $42.52 billion, a price-to-earnings ratio of 128.95, a P/E/G ratio of 2.48 and a beta of 2.17. The stock’s fifty day moving average price is $206.31 and its two-hundred day moving average price is $191.61. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.30. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The company had revenue of $584.91 million during the quarter, compared to the consensus estimate of $546.65 million. During the same quarter in the previous year, the company posted $0.16 earnings per share. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. On average, equities analysts predict that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently bought and sold shares of RDDT. Allworth Financial LP grew its holdings in shares of Reddit by 52.4% in the 3rd quarter. Allworth Financial LP now owns 2,001 shares of the company’s stock valued at $460,000 after buying an additional 688 shares during the period. IFP Advisors Inc raised its stake in Reddit by 9.9% during the 3rd quarter. IFP Advisors Inc now owns 796 shares of the company’s stock worth $183,000 after buying an additional 72 shares during the period. Swiss Life Asset Management Ltd lifted its holdings in Reddit by 309.1% during the third quarter. Swiss Life Asset Management Ltd now owns 19,605 shares of the company’s stock worth $4,509,000 after acquiring an additional 14,813 shares in the last quarter. CIBC Private Wealth Group LLC grew its stake in Reddit by 8.8% in the third quarter. CIBC Private Wealth Group LLC now owns 14,247 shares of the company’s stock valued at $3,277,000 after acquiring an additional 1,149 shares during the period. Finally, CIBC Bancorp USA Inc. bought a new stake in shares of Reddit in the third quarter worth about $857,000.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Jefferies Financial Group upped their target price on shares of Reddit from $300.00 to $325.00 and gave the company a “buy” rating in a research report on Thursday. Cannonball Research reissued a “buy” rating on shares of Reddit in a research note on Tuesday, September 23rd. Citigroup increased their price objective on shares of Reddit from $250.00 to $265.00 and gave the company a “buy” rating in a report on Monday, November 3rd. Truist Financial set a $270.00 target price on shares of Reddit in a report on Friday, October 31st. Finally, JPMorgan Chase & Co. upped their target price on shares of Reddit from $190.00 to $227.00 and gave the company a “neutral” rating in a research report on Friday, October 31st. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average target price of $230.28.

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.