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 on Tuesday, July 22nd. The stock was sold at an average price of $145.58, for a total transaction of $2,329,280.00. Following the transaction, the chief technology officer directly owned 241,373 shares of the company's stock, valued at $35,139,081.34. This represents a 6.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

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

• On Monday, June 23rd, Christopher Brian Slowe sold 16,000 shares of Reddit stock. The stock was sold at an average price of $136.47, for a total transaction of $2,183,520.00.
• On Thursday, May 22nd, Christopher Brian Slowe sold 26,000 shares of Reddit stock. The stock was sold at an average price of $98.43, for a total transaction of $2,559,180.00.

Reddit Stock Performance

Shares of Reddit stock traded up $2.25 during trading on Thursday, hitting $148.35. The company's stock had a trading volume of 5,456,628 shares, compared to its average volume of 6,254,947. The company has a fifty day simple moving average of $130.49 and a two-hundred day simple moving average of $139.14. The company has a market capitalization of $27.37 billion, a PE ratio of 251.44, a P/E/G ratio of 3.75 and a beta of 2.33. 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 quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.02 by $0.11. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The company had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. During the same period in the prior year, the firm posted ($8.19) EPS. Reddit's revenue for the quarter was up 61.5% on a year-over-year basis. As a group, analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

Institutional Trading of Reddit

A number of institutional investors have recently made changes to their positions in RDDT. SLT Holdings LLC lifted its stake in shares of Reddit by 2.6% in the 2nd quarter. SLT Holdings LLC now owns 6,308 shares of the company's stock worth $950,000 after purchasing an additional 158 shares during the period. Aberdeen Group plc bought a new stake in Reddit during the 2nd quarter worth approximately $222,000. Blair William & Co. IL raised its stake in Reddit by 47.4% during the 2nd quarter. Blair William & Co. IL now owns 3,343 shares of the company's stock worth $503,000 after acquiring an additional 1,075 shares during the period. E Fund Management Hong Kong Co. Ltd. bought a new stake in Reddit during the 2nd quarter worth approximately $76,000. Finally, US Bancorp DE raised its stake in Reddit by 46.9% during the 2nd quarter. US Bancorp DE now owns 6,102 shares of the company's stock worth $919,000 after acquiring an additional 1,948 shares during the period.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on RDDT shares. B. Riley reiterated a "buy" rating and set a $220.00 price objective (down from $222.00) on shares of Reddit in a report on Friday, May 2nd. Seaport Res Ptn upgraded shares of Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. Royal Bank Of Canada set a $125.00 price target on shares of Reddit and gave the stock a "sector perform" rating in a report on Wednesday, June 25th. Robert W. Baird lifted their price objective on shares of Reddit from $120.00 to $151.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Finally, The Goldman Sachs Group lifted their price objective on shares of Reddit from $124.00 to $140.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $144.13.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.