Insider Selling: Reddit (NYSE:RDDT) CFO Sells 3,674 Shares of Stock

Reddit Inc. (NYSE:RDDT) CFO Andrew Vollero sold 3,674 shares of Reddit stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $261.21, for a total value of $959,685.54. Following the completion of the sale, the chief financial officer directly owned 251,644 shares of the company’s stock, valued at approximately $65,731,929.24. This represents a 1.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Friday, January 9th, Andrew Vollero sold 300 shares of Reddit stock. The stock was sold at an average price of $260.68, for a total transaction of $78,204.00.
• On Wednesday, January 7th, Andrew Vollero sold 500 shares of Reddit stock. The stock was sold at an average price of $260.06, for a total value of $130,030.00.
• On Tuesday, January 6th, Andrew Vollero sold 8,413 shares of Reddit stock. The stock was sold at an average price of $252.72, for a total value of $2,126,133.36.

Reddit Stock Up 6.1%

Shares of NYSE RDDT traded up $14.90 during trading on Tuesday, reaching $258.92. 4,511,676 shares of the stock were exchanged, compared to its average volume of 3,312,058. The company has a market capitalization of $49.06 billion, a price-to-earnings ratio of 140.24, a price-to-earnings-growth ratio of 1.64 and a beta of 2.17. The business’s 50-day moving average price is $219.20 and its 200 day moving average price is $208.50. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, October 30th. The company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.30. The firm had revenue of $584.91 million for the quarter, compared to analyst estimates of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The firm’s revenue was up 67.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.16 EPS. As a group, sell-side analysts expect that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on RDDT. JPMorgan Chase & Co. raised their price objective on shares of Reddit from $190.00 to $227.00 and gave the company a “neutral” rating in a research report on Friday, October 31st. China Renaissance started coverage on shares of Reddit in a report on Tuesday, December 9th. They set a “buy” rating and a $300.00 target price for the company. Truist Financial set a $270.00 target price on Reddit in a report on Friday, October 31st. Jefferies Financial Group increased their target price on Reddit from $300.00 to $325.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Finally, Bank of America upped their price target on Reddit from $180.00 to $210.00 and gave the company a “neutral” rating in a research report on Friday, October 31st. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $238.57.

Institutional Investors Weigh In On Reddit

Large investors have recently made changes to their positions in the company. Norges Bank bought a new position in Reddit during the second quarter valued at approximately $294,254,000. Vanguard Group Inc. increased its stake in shares of Reddit by 12.9% during 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. Amundi raised its holdings in shares of Reddit by 2,060.5% during the 2nd quarter. Amundi now owns 1,307,231 shares of the company’s stock valued at $208,294,000 after purchasing an additional 1,246,725 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Reddit by 419.0% in the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock valued at $342,212,000 after purchasing an additional 1,201,237 shares during the last quarter. Finally, State Street Corp boosted its holdings in Reddit by 138.5% in the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after purchasing an additional 1,178,890 shares in 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.