Reddit (NYSE:RDDT) COO Sells $4,805,238.87 in Stock

Reddit Inc. (NYSE:RDDT) COO Jennifer Wong sold 33,507 shares of the business’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $143.41, for a total value of $4,805,238.87. Following the transaction, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at approximately $156,094,757.91. The trade was a 2.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Reddit Stock Performance

Shares of RDDT traded up $2.06 during mid-day trading on Friday, reaching $140.18. The company had a trading volume of 6,521,774 shares, compared to its average volume of 5,689,021. The company has a market capitalization of $26.78 billion, a price-to-earnings ratio of 53.50, a P/E/G ratio of 1.04 and a beta of 2.40. The company’s 50 day simple moving average is $168.76 and its 200 day simple moving average is $202.82. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. The business had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm’s quarterly revenue was up 69.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.36 EPS. As a group, equities analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RDDT. UBS Group set a $265.00 price target on Reddit in a research note on Tuesday, January 13th. Roth Mkm boosted their price objective on Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a research report on Friday, January 30th. Piper Sandler reiterated an “overweight” rating and issued a $205.00 target price (down from $290.00) on shares of Reddit in a research report on Friday, February 6th. Morgan Stanley set a $240.00 price target on Reddit in a research note on Friday, February 6th. Finally, China Renaissance initiated coverage on Reddit in a report on Tuesday, December 9th. They set a “buy” rating and a $300.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $242.19.

Institutional Trading of Reddit

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Reddit by 8.9% during the 4th quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock worth $3,062,339,000 after purchasing an additional 1,083,540 shares during the last quarter. Capital World Investors bought a new stake in shares of Reddit in the 4th quarter valued at about $1,293,258,000. State Street Corp increased its stake in shares of Reddit by 6.0% in the fourth quarter. State Street Corp now owns 2,631,332 shares of the company’s stock valued at $604,864,000 after buying an additional 149,401 shares during the period. Geode Capital Management LLC raised its position in shares of Reddit by 4.7% during the fourth quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company’s stock worth $546,789,000 after acquiring an additional 106,821 shares during the last quarter. Finally, Morgan Stanley raised its position in shares of Reddit by 11.4% during the fourth quarter. Morgan Stanley now owns 2,372,443 shares of the company’s stock worth $545,354,000 after acquiring an additional 242,709 shares during the last quarter.

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.