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 that occurred on Monday, June 16th. The shares were sold at an average price of $124.45, for a total transaction of $4,148,291.85. Following the completion of the transaction, the chief operating officer now owns 1,428,007 shares of the company's stock, valued at approximately $177,715,471.15. This trade represents a 2.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Reddit Trading Up 5.6%

NYSE RDDT traded up $7.44 during mid-day trading on Thursday, hitting $141.28. The company's stock had a trading volume of 12,160,277 shares, compared to its average volume of 6,416,557. The company's 50 day simple moving average is $111.48 and its 200 day simple moving average is $142.64. Reddit Inc. has a twelve month low of $49.13 and a twelve month high of $230.41. The firm has a market capitalization of $26.07 billion, a price-to-earnings ratio of 239.46, a PEG ratio of 3.62 and a beta of 1.99.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (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 business had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. During the same quarter last year, the firm posted ($8.19) EPS. Reddit's revenue was up 61.5% compared to the same quarter last year. As a group, research analysts forecast that Reddit Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have issued reports on RDDT shares. Oppenheimer started coverage on shares of Reddit in a report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price target for the company. The Goldman Sachs Group raised their price target on shares of Reddit from $124.00 to $140.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Robert W. Baird lowered their price target on shares of Reddit from $140.00 to $120.00 and set a "neutral" rating for the company in a report on Wednesday, May 21st. Guggenheim lowered their price target on shares of Reddit from $170.00 to $165.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Finally, Seaport Res Ptn upgraded shares of Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. One 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 given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $139.35.

Hedge Funds Weigh In On Reddit

A number of hedge funds have recently bought and sold shares of RDDT. Plato Investment Management Ltd purchased a new position in Reddit during the 4th quarter worth $27,000. CWM LLC boosted 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 during the last quarter. EverSource Wealth Advisors LLC purchased a new position in Reddit during the 4th quarter worth $28,000. Stone House Investment Management LLC purchased a new position in Reddit during the 1st quarter worth $31,000. Finally, Allworth Financial LP boosted its holdings in Reddit by 970.0% during the 4th quarter. Allworth Financial LP now owns 214 shares of the company's stock worth $35,000 after acquiring an additional 194 shares during the last quarter.

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.