Jennifer L. Wong Sells 33,333 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT - Get Free Report) COO Jennifer L. Wong sold 33,333 shares of the firm's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $187.72, for a total value of $6,257,270.76. Following the completion of the transaction, the chief operating officer now owns 1,504,297 shares of the company's stock, valued at approximately $282,386,632.84. This represents a 2.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Reddit Stock Performance

Shares of RDDT stock traded down $9.17 during mid-day trading on Friday, hitting $166.27. The company's stock had a trading volume of 9,929,456 shares, compared to its average volume of 6,329,457. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The business has a 50-day moving average price of $184.13 and a 200 day moving average price of $123.65. The stock has a market cap of $30.08 billion and a price-to-earnings ratio of -21.51.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Equities research analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Institutional Trading of Reddit

A number of hedge funds have recently bought and sold shares of the company. FMR LLC grew its holdings in Reddit by 7.5% during the fourth quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after purchasing an additional 913,189 shares during the period. Vanguard Group Inc. boosted its stake in Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after buying an additional 5,950,909 shares during the last quarter. Jennison Associates LLC bought a new position in Reddit during the fourth quarter valued at approximately $494,861,000. Holocene Advisors LP boosted its stake in Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock valued at $198,154,000 after buying an additional 1,923,109 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in Reddit by 1,011.1% during the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock valued at $455,795,000 after buying an additional 2,537,768 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RDDT. Guggenheim began coverage on Reddit in a research report on Friday, December 20th. They issued a "buy" rating and a $210.00 price objective on the stock. Robert W. Baird lifted their price objective on Reddit from $160.00 to $185.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. Roth Mkm lowered Reddit from a "buy" rating to a "neutral" rating and lifted their price objective for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Bank of America lifted their price objective on Reddit from $180.00 to $190.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. Finally, Piper Sandler lifted their price target on Reddit from $210.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $175.95.

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.