Jennifer Wong Sells 39,166 Shares of Reddit (NYSE:RDDT) Stock

Reddit Inc. (NYSE:RDDT) COO Jennifer Wong sold 39,166 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total value of $6,930,032.04. Following the completion of the transaction, the chief operating officer directly owned 1,050,339 shares in the company, valued at $185,846,982.66. This represents a 3.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Reddit Price Performance

Shares of NYSE:RDDT traded up $9.43 on Thursday, reaching $175.38. 5,247,037 shares of the company traded hands, compared to its average volume of 5,281,954. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95. The company’s 50 day moving average is $159.63 and its 200-day moving average is $175.98. The stock has a market capitalization of $33.76 billion, a PE ratio of 50.11 and a beta of 1.91.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.39. The business had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company’s revenue was up 69.1% compared to the same quarter last year. During the same period last year, the company posted $0.13 EPS. As a group, analysts expect that Reddit Inc. will post 4.83 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on RDDT shares. DA Davidson reissued a “buy” rating and issued a $200.00 price target on shares of Reddit in a research note on Friday, May 1st. Citigroup reaffirmed a “market outperform” rating on shares of Reddit in a research note on Tuesday, May 26th. Jefferies Financial Group decreased their target price on shares of Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a report on Tuesday, March 10th. Zacks Research downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Finally, Rothschild & Co Redburn set a $110.00 price target on shares of Reddit in a report on Monday, April 27th. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $230.75.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its position in Reddit by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after purchasing an additional 1,401,293 shares during the last quarter. Truist Financial Corp lifted its holdings in shares of Reddit by 67.7% during the 4th quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock valued at $3,600,000 after buying an additional 6,321 shares during the last quarter. Swiss Life Asset Management Ltd lifted its holdings in shares of Reddit by 63.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock valued at $7,357,000 after buying an additional 12,398 shares during the last quarter. WT Asset Management Ltd bought a new stake in shares of Reddit in the 3rd quarter valued at approximately $92,973,000. Finally, Calamos Advisors LLC bought a new stake in shares of Reddit in the 4th quarter valued at approximately $2,299,000.

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.