Reddit (NYSE:RDDT) CTO Sells $2,976,540.00 in Stock

Reddit Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 14,000 shares of Reddit stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $212.61, for a total transaction of $2,976,540.00. Following the transaction, the chief technology officer directly owned 167,694 shares in the company, valued at approximately $35,653,421.34. The trade was a 7.71% decrease in their ownership of the stock. The sale 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 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 value of $3,554,320.00.
• On Monday, December 22nd, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The shares were sold at an average price of $233.53, for a total value of $3,269,420.00.
• On Monday, December 8th, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The stock was sold at an average price of $233.99, for a total value 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 value of $4,625,280.00.
• On Monday, November 10th, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The shares were sold at an average price of $204.43, for a total value of $2,862,020.00.

Reddit Stock Performance

RDDT stock opened at $193.49 on Thursday. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95. The firm has a market cap of $36.67 billion, a price-to-earnings ratio of 111.20, a PEG ratio of 1.36 and a beta of 2.17. The firm has a 50-day simple moving average of $226.31 and a two-hundred day simple moving average of $214.18.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, October 30th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.50 by $0.30. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The firm had revenue of $584.91 million during the quarter, compared to analyst estimates of $546.65 million. During the same quarter in the previous year, the business posted $0.16 EPS. Reddit’s revenue was up 67.9% on a year-over-year basis. As a group, equities analysts predict that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Guggenheim restated a “buy” rating and set a $245.00 target price on shares of Reddit in a research note on Friday, January 23rd. Raymond James Financial restated a “strong-buy” rating and set a $250.00 price target (up previously from $225.00) on shares of Reddit in a research note on Monday, October 20th. Needham & Company LLC restated a “buy” rating and set a $300.00 price objective on shares of Reddit in a report on Monday, December 29th. Piper Sandler reaffirmed an “overweight” rating on shares of Reddit in a research report on Monday, December 1st. Finally, Royal Bank Of Canada reissued a “sector perform” rating on shares of Reddit in a research report on Wednesday, October 1st. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $245.18.

Institutional Trading of Reddit

Institutional investors and hedge funds have recently bought and sold shares of the business. Resona Asset Management Co. Ltd. lifted its position in Reddit by 53.2% in the 3rd quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock valued at $7,166,000 after acquiring an additional 10,743 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in Reddit by 880.5% during the 2nd quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company’s stock worth $14,255,000 after purchasing an additional 85,020 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new stake in shares of Reddit in the 2nd quarter valued at about $2,078,000. J. Safra Sarasin Holding AG bought a new stake in shares of Reddit in the second quarter valued at about $226,000. Finally, Plato Investment Management Ltd lifted its holdings in shares of Reddit by 120.2% in the second quarter. Plato Investment Management Ltd now owns 2,970 shares of the company’s stock valued at $446,000 after purchasing an additional 1,621 shares in 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.