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

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total value of $3,133,062.66. Following the completion of the sale, the chief operating officer now owns 1,466,119 shares of the company’s stock, valued at approximately $137,800,524.81. This trade represents a 2.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Reddit Stock Up 0.7 %

NYSE RDDT opened at $96.04 on Monday. The company has a market capitalization of $17.37 billion and a price-to-earnings ratio of -12.42. Reddit, Inc. has a twelve month low of $40.51 and a twelve month high of $230.41. The stock has a fifty day simple moving average of $131.49 and a 200 day simple moving average of $141.39.

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Bank of America cut their target price on Reddit from $190.00 to $110.00 and set a “neutral” rating for the company in a research report on Wednesday, April 9th. Guggenheim decreased their target price on shares of Reddit from $210.00 to $170.00 and set a “buy” rating on the stock in a report on Thursday, March 20th. Roth Capital cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Loop Capital restated a “buy” rating and set a $210.00 target price on shares of Reddit in a research note on Tuesday, March 11th. Finally, Redburn Partners set a $75.00 price target on Reddit in a research note on Monday, March 17th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $142.22.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RDDT. Plato Investment Management Ltd bought a new stake in shares of Reddit in the 4th quarter valued at $27,000. EverSource Wealth Advisors LLC acquired a new position in Reddit in the fourth quarter valued at $28,000. Ridgewood Investments LLC boosted its position in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. acquired a new stake in Reddit during the 4th quarter worth about $33,000. Finally, Bogart Wealth LLC acquired a new stake in Reddit during the 4th quarter worth about $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.