Reddit (NYSE:RDDT) CTO Christopher Brian Slowe Sells 14,000 Shares

Reddit Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 14,000 shares of the stock in a transaction on Monday, December 8th. The shares were sold at an average price of $233.99, for a total value of $3,275,860.00. Following the completion of the sale, the chief technology officer owned 173,694 shares in the company, valued at approximately $40,642,659.06. This trade represents a 7.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Christopher Brian Slowe also recently made the following trade(s):

• On Monday, November 24th, Christopher Brian Slowe sold 24,000 shares of Reddit stock. The shares were sold at an average price of $192.72, for a total transaction of $4,625,280.00.
• On Monday, November 10th, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The shares were sold at an average price of $204.43, for a total transaction of $2,862,020.00.
• On Wednesday, October 22nd, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The stock was sold at an average price of $197.10, for a total value of $2,759,400.00.
• On Wednesday, October 8th, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The stock was sold at an average price of $200.81, for a total value of $2,811,340.00.
• On Monday, September 22nd, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The shares were sold at an average price of $257.28, for a total value of $3,601,920.00.

Reddit Price Performance

RDDT stock traded up $2.61 during midday trading on Wednesday, reaching $238.72. The company had a trading volume of 3,696,431 shares, compared to its average volume of 3,902,919. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95. The stock has a 50 day moving average price of $205.33 and a 200-day moving average price of $189.85. The company has a market capitalization of $45.24 billion, a price-to-earnings ratio of 137.19, a price-to-earnings-growth ratio of 2.61 and a beta of 2.17.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.30. The company had revenue of $584.91 million for the quarter, compared to the consensus estimate of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The firm’s quarterly revenue was up 67.9% compared to the same quarter last year. During the same period last year, the company posted $0.16 EPS. As a group, research analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current year.

Institutional Investors Weigh In On Reddit

Large investors have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas raised its stake in Reddit by 880.5% in the second quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company’s stock valued at $14,255,000 after buying an additional 85,020 shares during the last quarter. Petrus Trust Company LTA purchased a new stake in Reddit during the 1st quarter worth approximately $473,000. JPMorgan Chase & Co. increased its stake in Reddit by 98.2% during the 1st quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company’s stock valued at $200,096,000 after purchasing an additional 944,847 shares in the last quarter. Greycroft LP raised its holdings in shares of Reddit by 109.1% in the first quarter. Greycroft LP now owns 11,500 shares of the company’s stock worth $1,206,000 after buying an additional 6,000 shares during the last quarter. Finally, Think Investments LP lifted its position in Reddit by 10.3% during the 1st quarter. Think Investments LP now owns 268,000 shares of the company’s stock worth $28,113,000 after acquiring an additional 25,000 shares during the period.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RDDT. Sanford C. Bernstein increased their price objective on shares of Reddit from $190.00 to $210.00 and gave the stock a “market perform” rating in a research report on Friday, October 31st. Wall Street Zen lowered Reddit from a “buy” rating to a “hold” rating in a research report on Saturday. Jefferies Financial Group increased their target price on Reddit from $230.00 to $300.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. Zacks Research upgraded shares of Reddit from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 29th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Reddit in a research note on Friday, October 31st. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $229.28.

Reddit Company Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.