Insider Selling: Reddit Inc. (NYSE:RDDT) CTO Sells 16,000 Shares of Stock

Reddit Inc. (NYSE:RDDT - Get Free Report) CTO Christopher Brian Slowe sold 16,000 shares of Reddit stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $136.47, for a total value of $2,183,520.00. Following the sale, the chief technology officer now directly owns 246,373 shares in the company, valued at approximately $33,622,523.31. The trade was a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Christopher Brian Slowe also recently made the following trade(s):

• On Thursday, May 22nd, Christopher Brian Slowe sold 26,000 shares of Reddit stock. The shares were sold at an average price of $98.43, for a total value of $2,559,180.00.
• On Tuesday, April 22nd, Christopher Brian Slowe sold 11,000 shares of Reddit stock. The shares were sold at an average price of $99.75, for a total value of $1,097,250.00.
• On Thursday, April 24th, Christopher Brian Slowe sold 5,068 shares of Reddit stock. The stock was sold at an average price of $111.28, for a total value of $563,967.04.

Reddit Stock Up 0.6%

RDDT traded up $0.91 during mid-day trading on Wednesday, reaching $141.70. 9,072,068 shares of the company traded hands, compared to its average volume of 6,492,765. The stock has a market capitalization of $26.15 billion, a P/E ratio of 240.17, a P/E/G ratio of 3.61 and a beta of 1.99. The company's fifty day moving average price is $114.79 and its 200-day moving average price is $142.20. Reddit Inc. has a 52-week low of $49.13 and a 52-week high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. The business had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The company's quarterly revenue was up 61.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($8.19) EPS. As a group, sell-side analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on RDDT shares. Royal Bank Of Canada reissued a "sector perform" rating and issued a $125.00 price target on shares of Reddit in a research report on Wednesday. Bank of America dropped their price target on Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. Redburn Partners set a $75.00 price target on Reddit in a research report on Monday, March 17th. Morgan Stanley dropped their price target on Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Needham & Company LLC boosted their price target on Reddit from $135.00 to $145.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $139.57.

Institutional Investors Weigh In On Reddit

Hedge funds have recently added to or reduced their stakes in the stock. Plato Investment Management Ltd purchased a new stake in Reddit during the 4th quarter valued at $27,000. CWM LLC raised its stake in Reddit by 100.0% during the 1st quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after buying an additional 128 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new stake in Reddit during the 4th quarter valued at $28,000. Stone House Investment Management LLC purchased a new stake in Reddit during the 1st quarter valued at $31,000. Finally, Allworth Financial LP increased its stake in shares of Reddit by 970.0% in the 4th quarter. Allworth Financial LP now owns 214 shares of the company's stock worth $35,000 after purchasing an additional 194 shares in the last quarter.

Reddit Company Profile

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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