Reddit (NYSE:RDDT) COO Jennifer Wong Sells 39,167 Shares of Stock

Reddit Inc. (NYSE:RDDT) COO Jennifer Wong sold 39,167 shares of the stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the transaction, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at approximately $175,752,182.97. This represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Reddit Price Performance

Shares of NYSE RDDT opened at $166.13 on Tuesday. The business has a 50-day moving average of $142.12 and a 200-day moving average of $186.89. The stock has a market capitalization of $31.74 billion, a price-to-earnings ratio of 63.41, a PEG ratio of 1.19 and a beta of 2.40. Reddit Inc. has a fifty-two week low of $90.78 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The business had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. During the same quarter in the prior year, the company posted $0.36 earnings per share. Reddit’s revenue was up 69.7% on a year-over-year basis. On average, sell-side analysts expect that Reddit Inc. will post 4.02 EPS for the current year.

Analyst Ratings Changes

RDDT has been the subject of several recent analyst reports. Argus set a $300.00 price objective on Reddit in a report on Friday, January 9th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $285.00 target price on shares of Reddit in a report on Tuesday, January 20th. UBS Group set a $265.00 price target on shares of Reddit in a research report on Tuesday, January 13th. Evercore reiterated an “outperform” rating and issued a $290.00 price target on shares of Reddit in a research note on Friday, February 6th. Finally, Truist Financial decreased their price objective on shares of Reddit from $275.00 to $260.00 and set a “buy” rating for the company in a research report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $237.46.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RDDT. Raiffeisen Bank International AG bought a new stake in Reddit in the 3rd quarter valued at $25,000. GW&K Investment Management LLC acquired a new stake in Reddit during the 3rd quarter valued at $30,000. Cornerstone Planning Group LLC boosted its position in Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the period. LOM Asset Management Ltd acquired a new position in shares of Reddit in the fourth quarter valued at $33,000. Finally, Noble Wealth Management PBC acquired a new position in shares of Reddit in the fourth quarter valued at $34,000.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.