Reddit Inc. (NYSE:RDDT) CAO Sells $709,100.00 in Stock

Key Points

• Reddit's Chief Accounting Officer, Michelle Marie Reynolds, sold 3,500 shares of the company's stock for approximately $709,100, reducing her ownership to 34,368 shares.
• The company's recent quarterly earnings showed an EPS of $0.45, surpassing analysts' estimates by $0.25, with revenue increasing by 77.9% year-over-year.
• Reddit's stock has shown significant volatility, with a 1-year trading range between $50.80 and $230.41, and currently stands at $211.90.

Reddit Inc. (NYSE:RDDT - Get Free Report) CAO Michelle Marie Reynolds sold 3,500 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $202.60, for a total transaction of $709,100.00. Following the completion of the transaction, the chief accounting officer directly owned 34,368 shares of the company's stock, valued at approximately $6,962,956.80. This represents a 9.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

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

• On Wednesday, June 25th, Michelle Marie Reynolds sold 3,500 shares of Reddit stock. The shares were sold at an average price of $150.64, for a total value of $527,240.00.
• On Monday, June 16th, Michelle Marie Reynolds sold 909 shares of Reddit stock. The shares were sold at an average price of $125.00, for a total value of $113,625.00.
• On Thursday, May 22nd, Michelle Marie Reynolds sold 2,729 shares of Reddit stock. The stock was sold at an average price of $98.85, for a total value of $269,761.65.

Reddit Trading Down 0.4%

NYSE RDDT traded down $0.92 during trading hours on Thursday, reaching $211.90. The company had a trading volume of 6,011,247 shares, compared to its average volume of 7,806,679. Reddit Inc. has a 1-year low of $50.80 and a 1-year high of $230.41. The stock has a market capitalization of $39.10 billion, a P/E ratio of 193.46, a price-to-earnings-growth ratio of 3.37 and a beta of 2.30. The stock has a 50-day moving average of $143.00 and a 200 day moving average of $139.31.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.45 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.25. Reddit had a return on equity of 9.93% and a net margin of 12.97%. The company had revenue of $499.63 million for the quarter, compared to analysts' expectations of $424.07 million. During the same period in the prior year, the firm earned ($0.06) earnings per share. The firm's revenue was up 77.9% compared to the same quarter last year. As a group, sell-side analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Sanford C. Bernstein increased their price target on shares of Reddit from $130.00 to $150.00 and gave the stock a "market perform" rating in a report on Tuesday, July 22nd. Royal Bank Of Canada set a $125.00 price objective on shares of Reddit and gave the stock a "sector perform" rating in a research report on Wednesday, June 25th. Bank of America lifted their price target on Reddit from $130.00 to $150.00 and gave the company a "neutral" rating in a research note on Wednesday, July 30th. Seaport Res Ptn upgraded Reddit from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 5th. Finally, Loop Capital reduced their price target on shares of Reddit from $210.00 to $200.00 and set a "buy" rating for the company in a research report on Thursday, June 12th. 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 issued a strong buy rating to the company's stock. According to data from MarketBeat, Reddit has an average rating of "Moderate Buy" and an average target price of $168.43.

Institutional Investors Weigh In On Reddit

Hedge funds have recently added to or reduced their stakes in the business. CWM LLC grew its holdings in Reddit by 100.0% during the 1st quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after acquiring an additional 128 shares in the last quarter. Stone House Investment Management LLC purchased a new stake in shares of Reddit during the 1st quarter worth $31,000. Financial Perspectives Inc purchased a new position in Reddit in the second quarter valued at $34,000. Geneos Wealth Management Inc. raised its stake in Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock valued at $39,000 after buying an additional 286 shares in the last quarter. Finally, Canton Hathaway LLC acquired a new stake in Reddit in the first quarter valued at $43,000.

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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