Reddit (NYSE:RDDT) CFO Andrew Vollero Sells 500 Shares

Reddit Inc. (NYSE:RDDT) CFO Andrew Vollero sold 500 shares of Reddit stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $260.06, for a total value of $130,030.00. Following the completion of the sale, the chief financial officer directly owned 255,618 shares in the company, valued at approximately $66,476,017.08. The trade was a 0.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Andrew Vollero also recently made the following trade(s):

• On Tuesday, January 6th, Andrew Vollero sold 8,413 shares of Reddit stock. The shares were sold at an average price of $252.72, for a total transaction of $2,126,133.36.

Reddit Stock Performance

Shares of NYSE:RDDT traded down $1.64 on Thursday, reaching $253.87. The company’s stock had a trading volume of 3,013,507 shares, compared to its average volume of 3,491,108. The company has a 50-day simple moving average of $217.70 and a 200 day simple moving average of $206.10. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95. The company has a market cap of $48.11 billion, a P/E ratio of 145.90, a PEG ratio of 1.72 and a beta of 2.17.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, October 30th. The company reported $0.80 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $546.65 million. During the same quarter last year, the business posted $0.16 earnings per share. The firm’s revenue was up 67.9% on a year-over-year basis. On average, equities research analysts forecast that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently bought and sold shares of the business. Raiffeisen Bank International AG purchased a new stake in Reddit during the third quarter worth $25,000. GW&K Investment Management LLC bought a new stake in Reddit during the third quarter valued at about $30,000. Cornerstone Planning Group LLC grew its stake in Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares during the last quarter. Financial Perspectives Inc bought a new position in Reddit in the second quarter worth about $34,000. Finally, Noble Wealth Management PBC purchased a new stake in shares of Reddit during the fourth quarter valued at about $34,000.

Analysts Set New Price Targets

Several research analysts have commented on the stock. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $236.00 price objective on shares of Reddit in a research note on Tuesday, October 14th. Truist Financial set a $270.00 price objective on shares of Reddit in a research report on Friday, October 31st. JPMorgan Chase & Co. raised their price objective on shares of Reddit from $190.00 to $227.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. Citigroup boosted their price objective on Reddit from $250.00 to $265.00 and gave the company a “buy” rating in a report on Monday, November 3rd. Finally, Bank of America increased their target price on Reddit from $180.00 to $210.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $230.65.

About Reddit

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.