Reddit, Inc. (NYSE:RDDT) CTO Sells $1,364,880.00 in Stock

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 11,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $1,364,880.00. Following the completion of the sale, the chief technology officer now owns 281,213 shares of the company’s stock, valued at approximately $34,892,909.04. This represents a 3.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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

• On Monday, February 24th, Christopher Brian Slowe sold 21,000 shares of Reddit stock. The shares were sold at an average price of $162.80, for a total transaction of $3,418,800.00.
• On Wednesday, January 22nd, Christopher Brian Slowe sold 5,000 shares of Reddit stock. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00.

Reddit Stock Down 2.4 %

NYSE:RDDT opened at $107.57 on Friday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The stock has a fifty day simple moving average of $165.95 and a 200-day simple moving average of $136.71. The company has a market capitalization of $19.46 billion and a PE ratio of -13.92.

Reddit (NYSE:RDDT) last announced 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 net margin of 37.25% and a negative return on equity of 24.71%. As a group, equities analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.

Institutional Investors Weigh In On Reddit

A number of large investors have recently bought and sold shares of the stock. FMR LLC increased its position in Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company’s stock worth $2,136,288,000 after purchasing an additional 913,189 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after buying an additional 5,950,909 shares during the last quarter. Jennison Associates LLC purchased a new stake in Reddit in the 4th quarter worth approximately $494,861,000. Holocene Advisors LP raised its holdings in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after acquiring an additional 1,923,109 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in shares of Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after purchasing an additional 2,537,768 shares during the period.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. The Goldman Sachs Group upped their target price on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Seaport Res Ptn raised Reddit to a “hold” rating in a research report on Thursday, February 6th. JPMorgan Chase & Co. boosted their target price on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Piper Sandler increased their price target on Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Finally, Raymond James lowered their price objective on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, March 12th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $165.71.

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.