Michelle Marie Reynolds Sells 909 Shares of Reddit Inc. (NYSE:RDDT) Stock

Reddit Inc. (NYSE:RDDT) CAO Michelle Marie Reynolds sold 909 shares of Reddit stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $125.00, for a total value of $113,625.00. Following the transaction, the chief accounting officer now owns 41,368 shares of the company’s stock, valued at $5,171,000. The trade was a 2.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Michelle Marie Reynolds also recently made the following trade(s):

• On Thursday, May 22nd, Michelle Marie Reynolds sold 2,729 shares of Reddit stock. The shares were sold at an average price of $98.85, for a total value of $269,761.65.

Reddit Price Performance

Reddit stock opened at $141.28 on Friday. Reddit Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The company has a market capitalization of $26.07 billion, a price-to-earnings ratio of 239.46, a price-to-earnings-growth ratio of 3.62 and a beta of 1.99. The firm’s fifty day moving average price is $111.48 and its 200 day moving average price is $142.64.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.11. The company had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The company’s revenue was up 61.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($8.19) EPS. Analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

RDDT has been the subject of several recent analyst reports. Robert W. Baird cut their price target on Reddit from $140.00 to $120.00 and set a “neutral” rating for the company in a research note on Wednesday, May 21st. Piper Sandler reiterated an “overweight” rating and issued a $150.00 price objective (up from $140.00) on shares of Reddit in a report on Friday, May 2nd. JPMorgan Chase & Co. lowered their price objective on Reddit from $185.00 to $110.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Wall Street Zen upgraded Reddit from a “hold” rating to a “buy” rating in a report on Saturday, June 14th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $180.00 price objective on shares of Reddit in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $139.35.

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently bought and sold shares of RDDT. Plato Investment Management Ltd acquired a new stake in Reddit during the fourth quarter worth about $27,000. CWM LLC raised its stake in Reddit by 100.0% during the first quarter. CWM LLC now owns 256 shares of the company’s stock worth $27,000 after acquiring an additional 128 shares during the period. EverSource Wealth Advisors LLC acquired a new stake in Reddit during the fourth quarter worth about $28,000. Stone House Investment Management LLC acquired a new stake in Reddit during the first quarter worth about $31,000. Finally, Allworth Financial LP raised its stake in Reddit by 970.0% during the fourth quarter. Allworth Financial LP now owns 214 shares of the company’s stock worth $35,000 after acquiring an additional 194 shares during the period.

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.