Reddit, Inc. (NYSE:RDDT) Director Sells $3,394,200.00 in Stock

Reddit, Inc. (NYSE:RDDT) Director Mary Porter Gale sold 20,000 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $169.71, for a total transaction of $3,394,200.00. Following the sale, the director now directly owns 26,309 shares in the company, valued at $4,464,900.39. This trade represents a 43.19 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Reddit Trading Down 5.1 %

Shares of Reddit stock opened at $159.45 on Friday. The company has a market capitalization of $28.84 billion and a P/E ratio of -20.63. The stock has a fifty day simple moving average of $183.75 and a 200 day simple moving average of $126.22. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, analysts predict that Reddit, Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

RDDT has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price objective on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Robert W. Baird boosted their price target on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Raymond James raised their price objective on shares of Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a research report on Monday, February 10th. Wells Fargo & Company boosted their target price on shares of Reddit from $206.00 to $215.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Finally, Roth Mkm cut shares of Reddit from a “buy” rating to a “neutral” rating and raised their price target for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $175.95.

Hedge Funds Weigh In On Reddit

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Plato Investment Management Ltd purchased a new position in Reddit in the fourth quarter valued at approximately $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit during the fourth quarter valued at about $28,000. Ridgewood Investments LLC increased its stake in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. purchased a new stake in shares of Reddit during the 4th quarter valued at approximately $33,000. Finally, Bogart Wealth LLC bought a new position in Reddit in the 4th quarter worth approximately $33,000.

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.