Insider Selling: Reddit, Inc. (NYSE:RDDT) CTO Sells 5,068 Shares of Stock

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 5,068 shares of the firm’s stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $111.28, for a total transaction of $563,967.04. Following the sale, the chief technology officer now owns 20,184 shares of the company’s stock, valued at $2,246,075.52. The trade was a 20.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

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

• On Tuesday, April 22nd, Christopher Brian Slowe sold 11,000 shares of Reddit stock. The stock was sold at an average price of $99.75, for a total value of $1,097,250.00.
• On Monday, March 24th, Christopher Brian Slowe sold 11,000 shares of Reddit stock. The shares were sold at an average price of $124.08, for a total transaction of $1,364,880.00.
• On Monday, February 24th, Christopher Brian Slowe sold 21,000 shares of Reddit stock. The stock was sold at an average price of $162.80, for a total transaction of $3,418,800.00.

Reddit Trading Up 5.4 %

NYSE:RDDT opened at $118.35 on Friday. The stock has a market capitalization of $21.41 billion and a P/E ratio of -15.31. Reddit, Inc. has a 1 year low of $42.65 and a 1 year high of $230.41. The firm has a 50 day moving average of $122.11 and a 200-day moving average of $141.65.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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, analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 target price on shares of Reddit in a report on Friday, March 21st. Roth Mkm lowered shares of Reddit from a “buy” rating to a “neutral” rating and increased their price target for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. JMP Securities set a $155.00 price objective on Reddit in a report on Friday, March 28th. JPMorgan Chase & Co. dropped their target price on shares of Reddit from $185.00 to $110.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Finally, Morgan Stanley dropped their price target on Reddit from $210.00 to $140.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $142.22.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Jennison Associates LLC bought a new stake in shares of Reddit during the fourth quarter worth approximately $494,861,000. Renaissance Capital LLC boosted its position in shares of Reddit by 14.2% during the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after purchasing an additional 3,892 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Reddit by 27.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after buying an additional 139,135 shares in the last quarter. Assetmark Inc. grew its stake in Reddit by 1,537,566.7% in the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock valued at $7,539,000 after acquiring an additional 46,127 shares during the period. Finally, Chung Wu Investment Group LLC bought a new stake in shares of Reddit in the fourth quarter worth about $327,000.

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.