Reddit Inc. (NYSE:RDDT - Get Free Report) COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $142.06, for a total value of $4,735,428.04. Following the completion of the transaction, the chief operating officer directly owned 1,428,007 shares of the company's stock, valued at $202,862,674.42. This represents a 2.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Reddit Trading Up 4.0%
Shares of NYSE RDDT traded up $5.77 during mid-day trading on Friday, hitting $148.29. The company had a trading volume of 6,395,434 shares, compared to its average volume of 6,755,728. The company has a market capitalization of $27.36 billion, a price-to-earnings ratio of 251.34, a P/E/G ratio of 3.81 and a beta of 2.33. Reddit Inc. has a 1 year low of $49.13 and a 1 year high of $230.41. The stock's 50-day moving average price is $127.99 and its 200-day moving average price is $139.66.
Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.02 by $0.11. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The business had revenue of $392.36 million during the quarter, compared to analysts' expectations of $370.55 million. During the same period in the previous year, the business earned ($8.19) earnings per share. The firm's revenue was up 61.5% on a year-over-year basis. As a group, equities research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in RDDT. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Reddit by 1,132.1% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 141,985 shares of the company's stock valued at $21,379,000 after buying an additional 130,461 shares during the period. Renaissance Capital LLC lifted its position in shares of Reddit by 204.1% in the second quarter. Renaissance Capital LLC now owns 105,340 shares of the company's stock valued at $15,861,000 after acquiring an additional 70,704 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new position in Reddit during the 2nd quarter valued at approximately $2,078,000. Janney Montgomery Scott LLC raised its position in Reddit by 44.0% during the second quarter. Janney Montgomery Scott LLC now owns 13,223 shares of the company's stock valued at $1,991,000 after purchasing an additional 4,040 shares during the period. Finally, Venture Visionary Partners LLC purchased a new stake in Reddit during the second quarter valued at approximately $2,409,000.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on the stock. Citigroup lifted their price target on shares of Reddit from $158.00 to $163.00 and gave the company a "buy" rating in a report on Tuesday, June 24th. Seaport Res Ptn raised Reddit from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th. Needham & Company LLC increased their price target on Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. The Goldman Sachs Group increased their price target on Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Finally, Roth Capital restated a "neutral" rating on shares of Reddit in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Reddit presently has a consensus rating of "Moderate Buy" and a consensus target price of $141.04.
Check Out Our Latest Stock Analysis on RDDT
About Reddit
(
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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.
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