Insider Selling: Reddit, Inc. (NYSE:RDDT) CFO Sells 48,122 Shares of Stock

Reddit, Inc. (NYSE:RDDT) CFO Andrew Vollero sold 48,122 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $162.80, for a total value of $7,834,261.60. Following the transaction, the chief financial officer now directly owns 599,295 shares in the company, valued at $97,565,226. This trade represents a 7.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Reddit Stock Down 5.1 %

Shares of RDDT stock opened at $159.45 on Friday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The stock has a 50 day moving average of $183.75 and a 200-day moving average of $126.22. The firm has a market cap of $28.84 billion and a PE ratio of -20.63.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. As a group, equities analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Reddit

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Plato Investment Management Ltd acquired a new position in shares of Reddit in the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC bought a new position in shares of Reddit in the fourth quarter valued at about $28,000. Ridgewood Investments LLC raised its stake in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. acquired a new position in Reddit during the 4th quarter worth $33,000. Finally, Bogart Wealth LLC acquired a new position in shares of Reddit during the fourth quarter valued at $33,000.

Analysts Set New Price Targets

A number of research firms recently commented on RDDT. Raymond James raised their price objective on shares of Reddit from $200.00 to $250.00 and gave the company a “strong-buy” rating in a research note on Monday, February 10th. Wells Fargo & Company upped their price objective on shares of Reddit from $206.00 to $215.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. The Goldman Sachs Group increased their target price on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Roth Mkm cut shares of Reddit from a “buy” rating to a “neutral” rating and raised their price target for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. Finally, Seaport Res Ptn raised Reddit to a “hold” rating in a research report on Thursday, February 6th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $175.95.

About Reddit

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.