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 firm’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $233.53, for a total value of $3,269,420.00. Following the sale, the chief technology officer owned 171,694 shares in the company, valued at approximately $40,095,699.82. The trade was a 7.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

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

• On Monday, December 8th, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The shares were sold at an average price of $233.99, for a total transaction of $3,275,860.00.
• 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 stock was 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 shares were 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.

Reddit Trading Up 4.0%

NYSE RDDT traded up $8.93 during mid-day trading on Monday, reaching $234.70. 3,690,165 shares of the company’s stock traded hands, compared to its average volume of 3,905,373. The company has a market cap of $44.48 billion, a price-to-earnings ratio of 134.88, a P/E/G ratio of 2.49 and a beta of 2.17. The company has a fifty day simple moving average of $212.00 and a 200-day simple moving average of $200.97. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.30. The business had revenue of $584.91 million during 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 business’s revenue was up 67.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.16 earnings per share. Equities research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently issued reports on RDDT. Oppenheimer increased their price objective on shares of Reddit from $215.00 to $300.00 and gave the company an “outperform” rating in a report on Tuesday, September 16th. Sanford C. Bernstein boosted their price target on shares of Reddit from $190.00 to $210.00 and gave the company a “market perform” rating in a report on Friday, October 31st. Robert W. Baird lifted their price objective on shares of Reddit from $177.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, September 25th. Bank of America increased their target price on Reddit from $180.00 to $210.00 and gave the company a “neutral” rating in a report on Friday, October 31st. Finally, JPMorgan Chase & Co. lifted their price target on Reddit from $190.00 to $227.00 and gave the company a “neutral” rating in a report on Friday, October 31st. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $230.28.

Institutional Trading of Reddit

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Reddit by 12.9% in the third 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 in the last quarter. Alliancebernstein L.P. increased its holdings in shares of Reddit by 103.0% during the 1st quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock valued at $593,733,000 after acquiring an additional 2,871,232 shares during the last quarter. State Street Corp boosted its position in Reddit by 22.3% during the third quarter. State Street Corp now owns 2,481,931 shares of the company’s stock worth $570,819,000 after purchasing an additional 451,792 shares during the period. JPMorgan Chase & Co. raised its position in shares of Reddit by 7.5% in the second quarter. JPMorgan Chase & Co. now owns 2,051,175 shares of the company’s stock valued at $308,846,000 after purchasing an additional 143,680 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Reddit by 72.1% in the second quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company’s stock worth $299,044,000 after buying an additional 833,245 shares during 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.