Insider Selling: Reddit (NYSE:RDDT) COO Sells $13,391,250.00 in Stock

Reddit Inc. (NYSE:RDDT) COO Jennifer Wong sold 75,000 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $178.55, for a total transaction of $13,391,250.00. Following the transaction, the chief operating officer owned 1,050,339 shares of the company’s stock, valued at approximately $187,538,028.45. This represents a 6.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Reddit Price Performance

NYSE RDDT opened at $150.31 on Friday. The business has a fifty day moving average price of $173.89 and a two-hundred day moving average price of $158.50. The stock has a market capitalization of $28.92 billion, a PE ratio of 34.96, a PEG ratio of 0.51 and a beta of 2.03. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The company had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. During the same quarter last year, the company posted $0.45 EPS. The company’s revenue for the quarter was up 61.0% compared to the same quarter last year. As a group, sell-side analysts expect that Reddit Inc. will post 5.22 earnings per share for the current year.

Analyst Ratings Changes

RDDT has been the subject of a number of research reports. KeyCorp assumed coverage on shares of Reddit in a report on Wednesday, July 29th. They issued an “overweight” rating and a $225.00 target price for the company. UBS Group reaffirmed a “buy” rating on shares of Reddit in a report on Friday, July 31st. Sanford C. Bernstein reiterated a “market perform” rating and set a $180.00 price objective on shares of Reddit in a research report on Friday, July 31st. Evercore restated an “outperform” rating and issued a $265.00 target price on shares of Reddit in a research report on Friday, July 31st. Finally, B. Riley Financial upped their price target on shares of Reddit from $250.00 to $270.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Three research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $221.71.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC grew its holdings in Reddit by 143.3% during the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after acquiring an additional 4,701 shares during the last quarter. Empowered Funds LLC acquired a new position in shares of Reddit during the first quarter worth $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Reddit by 106.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock worth $22,759,000 after purchasing an additional 111,780 shares during the last quarter. Focus Partners Wealth grew its stake in shares of Reddit by 40.8% in the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after purchasing an additional 2,965 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after purchasing an additional 286 shares during the period.

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.