Reddit (NYSE:RDDT) Director Mary Porter Gale Sells 4,000 Shares of Company Stock

Reddit Inc. (NYSE:RDDT) Director Mary Gale sold 4,000 shares of the stock in a transaction dated Friday, November 6th. The shares were sold at an average price of $96.00, for a total transaction of $384,000.00. Following the completion of the sale, the director owned 11,181 shares of the company’s stock, valued at approximately $1,073,376. The trade was a 26.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Mary Porter Gale also recently made the following trade(s):

• On Tuesday, November 3rd, Mary Gale sold 3,000 shares of Reddit stock. The stock was sold at an average price of $96.00, for a total value of $288,000.00.

Reddit Trading Down 2.3%

RDDT stock traded down $2.31 during trading on Tuesday, reaching $98.48. 5,451,417 shares of the stock were exchanged, compared to its average volume of 5,597,555. Reddit Inc. has a twelve month low of $89.28 and a twelve month high of $263.50. The company has a market capitalization of $18.95 billion, a P/E ratio of 20.10, a price-to-earnings-growth ratio of 0.41 and a beta of 2.28. The stock has a 50 day simple moving average of $143.34 and a 200-day simple moving average of $156.12.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, October 29th. The company reported $1.40 EPS for the quarter, beating the consensus estimate of $1.33 by $0.07. Reddit had a return on equity of 30.57% and a net margin of 32.10%. The firm had revenue of $894.96 million during the quarter, compared to analysts’ expectations of $874.91 million. During the same quarter in the prior year, the firm posted $0.80 EPS. The company’s revenue for the quarter was up 53.0% on a year-over-year basis. Equities analysts predict that Reddit Inc. will post 5.42 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RDDT. Wells Fargo & Company cut their target price on Reddit from $142.00 to $110.00 and set an “equal weight” rating for the company in a research note on Friday, October 30th. Evercore downgraded shares of Reddit from an “outperform” rating to a “hold” rating and set a $120.00 price target on the stock. in a research note on Monday, November 2nd. BNP Paribas Exane lowered their price target on shares of Reddit from $180.00 to $110.00 in a report on Friday, October 30th. Needham & Company LLC dropped their price objective on shares of Reddit from $300.00 to $150.00 and set a “buy” rating for the company in a research note on Friday, October 30th. Finally, Wall Street Zen cut shares of Reddit from a “buy” rating to a “hold” rating in a research note on Sunday, August 9th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and fifteen have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $180.00.

Institutional Investors Weigh In On Reddit

Large investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its holdings in Reddit by 21.8% during the 2nd quarter. Wellington Management Group LLP now owns 1,564,535 shares of the company’s stock worth $271,572,000 after purchasing an additional 280,030 shares during the last quarter. State Street Corp lifted its position in Reddit by 8.7% during the 2nd quarter. State Street Corp now owns 2,979,587 shares of the company’s stock valued at $517,197,000 after purchasing an additional 237,523 shares during the period. Moore Capital Management LP lifted its position in Reddit by 611.4% during the 2nd quarter. Moore Capital Management LP now owns 12,577 shares of the company’s stock valued at $2,183,000 after purchasing an additional 10,809 shares during the period. Light Street Capital Management LLC bought a new position in shares of Reddit in the 2nd quarter valued at about $31,678,000. Finally, PensionDanmark Pensionsforsikringsaktieselskab boosted its stake in shares of Reddit by 102.3% in the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 19,120 shares of the company’s stock valued at $3,319,000 after purchasing an additional 9,670 shares during the last quarter.

Reddit Company Profile

Reddit, Inc. operates Reddit, an online platform where users share posts, discuss topics and participate in communities known as subreddits. Members can submit text, images, videos and links, comment on posts, and vote on content, helping shape what appears in each community. The company generates revenue primarily through advertising and also offers paid subscriptions and other products. Reddit serves users and advertisers around the world through its website and mobile applications. Reddit was founded in 2005 by Steve Huffman, Alexis Ohanian and Aaron Swartz.