Reddit, Inc. (NYSE:RDDT) CTO Sells 1,946,139.86 in Stock

Reddit, Inc. (NYSE:RDDTGet Free Report) CTO Christopher Brian Slowe sold 33,019 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 1,946,139.86. Following the completion of the transaction, the chief technology officer now directly owns 380,665 shares of the company’s stock, valued at 22,436,395.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Christopher Brian Slowe also recently made the following trade(s):

  • On Monday, March 25th, Christopher Brian Slowe sold 185,000 shares of Reddit stock. The shares were sold at an average price of 32.30, for a total value of 5,975,500.00.

Reddit Trading Down 2.3 %

RDDT opened at 56.30 on Friday. The business’s 50-day moving average price is 49.97. Reddit, Inc. has a 12-month low of 37.35 and a 12-month high of 74.90.

Reddit (NYSE:RDDTGet Free Report) last posted its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The business had revenue of 243.00 million during the quarter, compared to the consensus estimate of 213.99 million. Reddit’s quarterly revenue was up 48.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.05) earnings per share. Equities analysts forecast that Reddit, Inc. will post -4.71 earnings per share for the current year.

Institutional Investors Weigh In On Reddit

A number of hedge funds have recently bought and sold shares of the stock. Rokos Capital Management LLP acquired a new stake in Reddit in the 1st quarter valued at about $370,000. Janus Henderson Group PLC acquired a new stake in Reddit in the 1st quarter valued at about $741,000. Blackstone Inc. acquired a new stake in Reddit in the 1st quarter valued at about $36,990,000. BlueCrest Capital Management Ltd acquired a new stake in Reddit in the 1st quarter valued at about $1,480,000. Finally, Inclusive Capital Partners L.P. acquired a new stake in Reddit in the 1st quarter valued at about $103,051,000.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RDDT. Needham & Company LLC reiterated a “buy” rating and set a $63.00 price target on shares of Reddit in a research report on Friday, May 17th. Roth Mkm upped their target price on Reddit from $50.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. New Street Research started coverage on Reddit in a report on Tuesday, March 26th. They issued a “neutral” rating and a $54.00 target price for the company. Roth Capital restated a “buy” rating on shares of Reddit in a report on Monday, April 15th. Finally, Robert W. Baird upped their target price on Reddit from $50.00 to $59.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of 56.20.

Check Out Our Latest Stock Analysis on Reddit

Reddit Company Profile

(Get Free Report)

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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