Reddit (NYSE:RDDT) COO Jennifer Wong Sells 30,777 Shares

Reddit Inc. (NYSE:RDDT) COO Jennifer Wong sold 30,777 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $143.42, for a total transaction of $4,414,037.34. Following the sale, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at approximately $156,105,642.42. The trade was a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Reddit Trading Down 0.3%

RDDT stock traded down $0.42 during trading on Tuesday, reaching $142.04. The stock had a trading volume of 4,005,217 shares, compared to its average volume of 7,242,083. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95. The company has a market capitalization of $27.14 billion, a P/E ratio of 54.21, a PEG ratio of 1.06 and a beta of 2.17. The firm has a fifty day moving average price of $200.71 and a 200 day moving average price of $212.63.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The company had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. During the same period last year, the firm earned $0.36 earnings per share. The company’s revenue was up 69.7% on a year-over-year basis. Sell-side analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Reddit

A number of large investors have recently bought and sold shares of the business. NewEdge Advisors LLC grew its holdings in shares of Reddit by 143.3% during the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after purchasing an additional 4,701 shares during the last quarter. Empowered Funds LLC bought a new stake in shares of Reddit in the 1st quarter worth approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Reddit by 106.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after purchasing an additional 111,780 shares during the period. Focus Partners Wealth grew its stake in Reddit by 40.8% during the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after buying an additional 2,965 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its stake in Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Robert W. Baird set a $200.00 target price on Reddit in a research report on Friday, February 6th. Cantor Fitzgerald dropped their price target on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. Argus set a $300.00 price objective on shares of Reddit in a research note on Friday, January 9th. JPMorgan Chase & Co. decreased their price objective on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a report on Friday, February 6th. Finally, Guggenheim upped their target price on shares of Reddit from $245.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $238.78.

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.