Michelle Marie Reynolds Sells 3,500 Shares of Reddit Inc. (NYSE:RDDT) Stock

Reddit Inc. (NYSE:RDDT - Get Free Report) CAO Michelle Marie Reynolds sold 3,500 shares of Reddit stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $150.64, for a total transaction of $527,240.00. Following the completion of the sale, the chief accounting officer now owns 37,868 shares in the company, valued at $5,704,435.52. The trade was a 8.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Michelle Marie Reynolds also recently made the following trade(s):

• On Monday, June 16th, Michelle Marie Reynolds sold 909 shares of Reddit stock. The stock was sold at an average price of $125.00, for a total transaction of $113,625.00.
• On Thursday, May 22nd, Michelle Marie Reynolds sold 2,729 shares of Reddit stock. The shares were sold at an average price of $98.85, for a total value of $269,761.65.

Reddit Trading Down 0.5%

RDDT stock traded down $0.74 during mid-day trading on Friday, hitting $143.21. 17,682,969 shares of the company were exchanged, compared to its average volume of 6,567,716. Reddit Inc. has a 1-year low of $49.13 and a 1-year high of $230.41. The stock has a market capitalization of $26.42 billion, a PE ratio of 243.98, a price-to-earnings-growth ratio of 3.70 and a beta of 1.99. The business has a 50 day simple moving average of $115.75 and a 200-day simple moving average of $142.04.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.11. The business had revenue of $392.36 million during the quarter, compared to analysts' expectations of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The business's revenue was up 61.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($8.19) EPS. Equities research analysts expect that Reddit Inc. will post 1.12 earnings per share for the current year.

Institutional Trading of Reddit

Large investors have recently bought and sold shares of the business. Plato Investment Management Ltd bought a new position in Reddit in the 4th quarter valued at approximately $27,000. EverSource Wealth Advisors LLC acquired a new position in Reddit in the 4th quarter valued at approximately $28,000. Tucker Asset Management LLC acquired a new position in Reddit in the 4th quarter valued at approximately $39,000. Farther Finance Advisors LLC raised its stake in shares of Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after acquiring an additional 147 shares during the last quarter. Finally, CWM LLC lifted its holdings in shares of Reddit by 100.0% during the first quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after purchasing an additional 128 shares during the period.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Oppenheimer started coverage on Reddit in a research report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price target for the company. The Goldman Sachs Group upped their price objective on Reddit from $124.00 to $140.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. Truist Financial began coverage on Reddit in a report on Monday, April 7th. They issued a "buy" rating and a $150.00 price objective for the company. Bank of America lowered their target price on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a report on Wednesday, April 9th. Finally, Wells Fargo & Company set a $115.00 price target on shares of Reddit and gave the stock an "equal weight" rating in a research report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $139.57.

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.

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