Insider Selling: Reddit (NYSE:RDDT) CTO Sells 14,000 Shares of Stock

Reddit Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 14,000 shares of the company’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $253.88, for a total value of $3,554,320.00. Following the sale, the chief technology officer owned 169,694 shares of the company’s stock, valued at approximately $43,081,912.72. The trade was a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

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

• 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 transaction of $3,269,420.00.
• On Monday, December 8th, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The shares were 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 transaction of $4,625,280.00.
• On Monday, November 10th, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The stock was sold at an average price of $204.43, for a total value of $2,862,020.00.
• On Wednesday, October 22nd, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The shares were sold at an average price of $197.10, for a total value of $2,759,400.00.

Reddit Stock Down 0.2%

RDDT stock traded down $0.47 during midday trading on Monday, hitting $244.09. The company’s stock had a trading volume of 2,590,761 shares, compared to its average volume of 3,453,081. The stock has a market cap of $46.26 billion, a price-to-earnings ratio of 140.28, a PEG ratio of 1.64 and a beta of 2.17. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95. The stock’s 50-day moving average price is $219.20 and its 200 day moving average price is $208.50.

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

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Roth Capital set a $210.00 price objective on Reddit in a research report on Friday, October 31st. The Goldman Sachs Group reissued a “neutral” rating and set a $236.00 price target on shares of Reddit in a research report on Tuesday, October 14th. Robert W. Baird boosted their price objective on shares of Reddit from $177.00 to $240.00 and gave the stock a “neutral” rating in a research note on Thursday, September 25th. Weiss Ratings reissued a “hold (c-)” rating on shares of Reddit in a report on Monday, December 29th. Finally, Zacks Research lowered Reddit from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 26th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $237.04.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Norges Bank purchased a new position in Reddit during the 2nd quarter valued at about $294,254,000. Vanguard Group Inc. grew its holdings in shares of Reddit by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after purchasing an additional 1,401,293 shares during the last quarter. Amundi raised its stake in shares of Reddit by 2,060.5% in the second quarter. Amundi now owns 1,307,231 shares of the company’s stock worth $208,294,000 after acquiring an additional 1,246,725 shares during the last quarter. Invesco Ltd. grew its position in shares of Reddit by 419.0% during the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after buying an additional 1,201,237 shares during the period. Finally, State Street Corp grew its position in shares of Reddit by 138.5% during the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after buying an additional 1,178,890 shares during the period.

About Reddit

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.