Reddit Inc. (NYSE:RDDT) COO Jennifer L. Wong Sells 33,334 Shares

Reddit Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $142.06, for a total transaction of $4,735,428.04. Following the completion of the transaction, the chief operating officer directly owned 1,428,007 shares in the company, valued at approximately $202,862,674.42. This represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Reddit Price Performance

Shares of RDDT stock opened at $148.29 on Friday. The firm has a market cap of $27.36 billion, a P/E ratio of 251.34, a PEG ratio of 3.66 and a beta of 2.33. Reddit Inc. has a 1-year low of $49.13 and a 1-year high of $230.41. The firm’s 50-day simple moving average is $127.99 and its 200-day simple moving average is $139.83.

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

Wall Street Analyst Weigh In

RDDT has been the topic of a number of analyst reports. Wall Street Zen raised shares of Reddit from a “hold” rating to a “buy” rating in a research note on Saturday, June 14th. Citigroup lifted their price objective on shares of Reddit from $158.00 to $163.00 and gave the company a “buy” rating in a report on Tuesday, June 24th. Seaport Res Ptn upgraded shares of Reddit from a “hold” rating to a “strong-buy” rating in a report on Monday, May 5th. Bank of America lowered their price target on shares of Reddit from $190.00 to $110.00 and set a “neutral” rating for the company in a report on Wednesday, April 9th. Finally, Robert W. Baird boosted their price target on shares of Reddit from $120.00 to $151.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $141.04.

Hedge Funds Weigh In On Reddit

Several large investors have recently added to or reduced their stakes in RDDT. FMR LLC lifted its stake in Reddit by 7.5% in the fourth quarter. FMR LLC now owns 13,070,780 shares of the company’s stock valued at $2,136,288,000 after buying an additional 913,189 shares during the last quarter. Vanguard Group Inc. raised its holdings in Reddit by 11.1% during the 1st quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company’s stock worth $1,069,828,000 after buying an additional 1,017,162 shares during the period. Alliancebernstein L.P. raised its holdings in Reddit by 103.0% during the 1st quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock worth $593,733,000 after buying an additional 2,871,232 shares during the period. T. Rowe Price Investment Management Inc. grew its stake in Reddit by 10.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,073,939 shares of the company’s stock valued at $427,357,000 after acquiring an additional 389,761 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Reddit by 98.2% during the 1st quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company’s stock valued at $200,096,000 after acquiring an additional 944,847 shares in the last quarter.

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.