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

Reddit, Inc. (NYSE:RDDT) 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 in the company, valued at approximately $282,386,632.84. This trade represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Reddit Trading Down 5.2 %

RDDT stock opened at $166.27 on Friday. The firm has a 50 day simple moving average of $184.13 and a 200-day simple moving average of $123.17. The company has a market capitalization of $29.19 billion and a P/E ratio of -21.51. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, research analysts predict that Reddit, Inc. will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Reddit

A number of hedge funds have recently bought and sold shares of the company. Ridgewood Investments LLC lifted its holdings in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the last quarter. Proficio Capital Partners LLC raised its position in shares of Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock valued at $966,000 after acquiring an additional 120 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Reddit by 148.5% during the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after acquiring an additional 147 shares in the last quarter. UMB Bank n.a. lifted its stake in Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after purchasing an additional 150 shares during the last quarter. Finally, Foundations Investment Advisors LLC boosted its holdings in Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after purchasing an additional 155 shares during the period.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Jefferies Financial Group raised their price target on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. Sanford C. Bernstein raised their target price on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. Piper Sandler upped their price target on shares of Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday. JPMorgan Chase & Co. raised their price objective on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Finally, Morgan Stanley upped their target price on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus 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.