Insider Selling: Reddit (NYSE:RDDT) COO Sells $6,208,752.84 in Stock

Reddit Inc. (NYSE:RDDT) COO Jennifer Wong sold 39,167 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $158.52, for a total value of $6,208,752.84. Following the completion of the sale, the chief operating officer owned 1,088,451 shares in the company, valued at approximately $172,541,252.52. This represents a 3.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Reddit Stock Down 5.4%

Shares of NYSE RDDT opened at $141.87 on Friday. The business’s 50 day moving average price is $147.67 and its 200 day moving average price is $179.50. The firm has a market cap of $27.31 billion, a P/E ratio of 40.53 and a beta of 1.85. Reddit Inc. has a 52 week low of $95.23 and a 52 week high of $282.95.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. The firm had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.Reddit’s revenue for the quarter was up 69.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.13 earnings per share. As a group, research analysts expect that Reddit Inc. will post 4.83 earnings per share for the current year.

Wall Street Analyst Weigh In

RDDT has been the topic of a number of recent research reports. The Goldman Sachs Group reiterated a “neutral” rating and issued a $200.00 target price on shares of Reddit in a research report on Friday, May 1st. Roth Mkm upped their price objective on Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a research report on Friday, January 30th. Raymond James Financial set a $180.00 price objective on Reddit and gave the stock a “market perform” rating in a research report on Friday, May 1st. Wells Fargo & Company upped their price objective on Reddit from $149.00 to $176.00 and gave the stock an “equal weight” rating in a research report on Friday, May 1st. Finally, Citigroup restated an “outperform” rating on shares of Reddit in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $228.61.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently bought and sold shares of RDDT. NewEdge Advisors LLC raised its stake in shares of Reddit by 143.3% during the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after buying an additional 4,701 shares during the period. Empowered Funds LLC acquired a new position in shares of Reddit during the 1st quarter worth approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Reddit by 106.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock worth $22,759,000 after buying an additional 111,780 shares during the period. Focus Partners Wealth raised its stake in shares of Reddit by 40.8% during the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after buying an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. raised its stake in shares of Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 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.