Insider Selling: Reddit (NYSE:RDDT) CTO Sells 9,500 Shares of Stock

Reddit Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 9,500 shares of Reddit stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $141.28, for a total value of $1,342,160.00. Following the transaction, the chief technology officer directly owned 38,413 shares in the company, valued at approximately $5,426,988.64. The trade was a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Monday, March 9th, Christopher Brian Slowe sold 9,500 shares of Reddit stock. The shares were sold at an average price of $136.55, for a total transaction of $1,297,225.00.
• On Monday, February 23rd, Christopher Brian Slowe sold 19,036 shares of Reddit stock. The shares were sold at an average price of $144.05, for a total transaction of $2,742,135.80.
• On Tuesday, February 10th, Christopher Brian Slowe sold 11,464 shares of Reddit stock. The stock was sold at an average price of $149.74, for a total transaction of $1,716,619.36.
• On Thursday, January 22nd, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The stock was sold at an average price of $212.61, for a total transaction of $2,976,540.00.
• On Thursday, January 8th, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The shares were sold at an average price of $253.88, for a total transaction of $3,554,320.00.

Reddit Stock Up 2.6%

NYSE:RDDT traded up $3.49 during trading hours on Wednesday, reaching $139.61. 3,187,418 shares of the company’s stock were exchanged, compared to its average volume of 4,879,391. The company has a market capitalization of $26.67 billion, a P/E ratio of 51.95, a price-to-earnings-growth ratio of 0.99 and a beta of 2.40. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95. The business’s 50-day simple moving average is $162.15 and its two-hundred day simple moving average is $200.58.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in RDDT. Purpose Unlimited Inc. acquired a new position in shares of Reddit during the 4th quarter worth $383,000. Rockefeller Capital Management L.P. boosted its holdings in Reddit by 3.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 11,697 shares of the company’s stock worth $2,689,000 after purchasing an additional 340 shares in the last quarter. World Investment Advisors boosted its holdings in Reddit by 37.4% in the fourth quarter. World Investment Advisors now owns 2,533 shares of the company’s stock worth $582,000 after purchasing an additional 689 shares in the last quarter. Corient Private Wealth LLC increased its position in Reddit by 58.5% during the fourth quarter. Corient Private Wealth LLC now owns 8,491 shares of the company’s stock worth $1,949,000 after buying an additional 3,134 shares during the last quarter. Finally, SHP Wealth Management bought a new position in Reddit during the fourth quarter valued at about $78,000.

Analyst Upgrades and Downgrades

RDDT has been the topic of a number of analyst reports. Robert W. Baird set a $200.00 price target on Reddit in a research note on Friday, February 6th. China Renaissance initiated coverage on shares of Reddit in a report on Tuesday, December 9th. They set a “buy” rating and a $300.00 price target on the stock. 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 research note on Friday, February 6th. Zacks Research cut Reddit from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. Finally, Wells Fargo & Company set a $196.00 price target on Reddit in a report on Monday, February 9th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $242.19.

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.