Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe Sells 11,000 Shares

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 11,000 shares of Reddit stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $169.85, for a total value of $1,868,350.00. Following the completion of the sale, the chief technology officer now directly owns 324,837 shares of the company’s stock, valued at approximately $55,173,564.45. The trade was a 3.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

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

• On Friday, November 22nd, Christopher Brian Slowe sold 21,000 shares of Reddit stock. The shares were sold at an average price of $146.01, for a total value of $3,066,210.00.
• On Tuesday, October 22nd, Christopher Brian Slowe sold 5,000 shares of Reddit stock. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00.

Reddit Stock Down 0.4 %

Shares of NYSE RDDT opened at $176.74 on Friday. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $182.20. The stock’s fifty day simple moving average is $135.66 and its two-hundred day simple moving average is $88.35.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company’s revenue was up 67.9% on a year-over-year basis. As a group, equities research analysts anticipate that Reddit, Inc. will post -3.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Raymond James & Associates boosted its stake in Reddit by 706.1% in the second quarter. Raymond James & Associates now owns 42,641 shares of the company’s stock valued at $2,724,000 after acquiring an additional 37,351 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Reddit by 10.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after buying an additional 153,282 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in Reddit during the 2nd quarter valued at about $1,201,000. UMB Bank n.a. purchased a new stake in Reddit in the second quarter valued at about $88,000. Finally, Commonwealth Equity Services LLC boosted its holdings in Reddit by 11.8% in the second quarter. Commonwealth Equity Services LLC now owns 25,185 shares of the company’s stock worth $1,609,000 after acquiring an additional 2,659 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on RDDT shares. Citigroup raised their target price on shares of Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Needham & Company LLC increased their price objective on shares of Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Guggenheim initiated coverage on shares of Reddit in a research report on Friday, December 20th. They set a “buy” rating and a $210.00 target price for the company. Jefferies Financial Group increased their price target on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, The Goldman Sachs Group lifted their target price on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $132.70.

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.