Insider Selling: Reddit (NYSE:RDDT) CAO Sells $161,600.00 in Stock

Reddit Inc. (NYSE:RDDT) CAO Michelle Marie Reynolds sold 808 shares of Reddit stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total value of $161,600.00. Following the transaction, the chief accounting officer directly owned 15,060 shares in the company, valued at $3,012,000. The trade was a 5.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Reddit Price Performance

Shares of Reddit stock traded up $6.00 during midday trading on Monday, reaching $200.67. The company had a trading volume of 5,560,124 shares, compared to its average volume of 5,224,006. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95. The stock has a fifty day moving average price of $164.92 and a 200 day moving average price of $171.59. The firm has a market cap of $38.63 billion, a PE ratio of 57.33 and a beta of 1.93.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. The company had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The company’s quarterly revenue was up 69.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.13 EPS. As a group, sell-side analysts forecast that Reddit Inc. will post 4.83 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently commented on RDDT shares. Bank of America reduced their price objective on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a research report on Thursday, April 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Reddit in a report on Friday, May 8th. Raymond James Financial set a $180.00 price objective on shares of Reddit and gave the stock a “market perform” rating in a research report on Friday, May 1st. Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 target price on shares of Reddit in a research report on Wednesday, June 24th. Finally, Wells Fargo & Company raised their price objective on Reddit from $149.00 to $176.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st. Eighteen analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $230.75.

Institutional Inflows and Outflows

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

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.