Reddit Inc. (NYSE:RDDT) COO Sells $4,148,291.85 in Stock

Reddit Inc. (NYSE:RDDT - Get Free Report) COO Jennifer L. Wong sold 33,333 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $124.45, for a total value of $4,148,291.85. Following the transaction, the chief operating officer now directly owns 1,428,007 shares of the company's stock, valued at approximately $177,715,471.15. The trade was a 2.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Reddit Stock Down 1.1%

Shares of RDDT traded down $1.58 on Friday, reaching $139.58. The stock had a trading volume of 8,757,873 shares, compared to its average volume of 6,438,218. The firm has a market capitalization of $25.76 billion, a PE ratio of 236.59, a PEG ratio of 3.62 and a beta of 1.99. The firm has a 50-day moving average of $112.26 and a 200 day moving average of $142.57. Reddit Inc. has a twelve month low of $49.13 and a twelve month high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The firm had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same quarter in the prior year, the company earned ($8.19) EPS. Reddit's revenue was up 61.5% on a year-over-year basis. On average, sell-side analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on RDDT shares. Needham & Company LLC upped their price objective on Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. Guggenheim cut their target price on Reddit from $170.00 to $165.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Wall Street Zen upgraded Reddit from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Roth Mkm lifted their price objective on Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Finally, Morgan Stanley cut their price objective on Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Reddit presently has a consensus rating of "Moderate Buy" and an average target price of $139.35.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Van ECK Associates Corp acquired a new position in Reddit in the fourth quarter valued at approximately $446,000. Vontobel Holding Ltd. purchased a new position in shares of Reddit during the 4th quarter valued at $237,000. Blue Trust Inc. bought a new stake in Reddit in the fourth quarter worth $63,000. Rhumbline Advisers bought a new stake in Reddit in the fourth quarter worth $739,000. Finally, Principal Securities Inc. lifted its position in Reddit by 5,314.3% during the 4th quarter. Principal Securities Inc. now owns 758 shares of the company's stock worth $124,000 after acquiring an additional 744 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.