Reddit, Inc. (NYSE:RDDT) CFO Andrew Vollero Sells 11,287 Shares

Reddit, Inc. (NYSE:RDDT) CFO Andrew Vollero sold 11,287 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total value of $722,368.00. Following the transaction, the chief financial officer now directly owns 840,379 shares in the company, valued at $53,784,256. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Reddit Price Performance

RDDT opened at $65.99 on Friday. The stock has a 50 day moving average price of $59.47. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $78.08.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. During the same period in the prior year, the company posted ($0.70) EPS. The company’s quarterly revenue was up 53.6% on a year-over-year basis. Equities research analysts anticipate that Reddit, Inc. will post -4.17 earnings per share for the current fiscal year.

Institutional Trading of Reddit

Institutional investors have recently made changes to their positions in the business. Inclusive Capital Partners L.P. purchased a new position in shares of Reddit during the first quarter valued at about $103,051,000. Vanguard Group Inc. bought a new position in shares of Reddit during the 1st quarter valued at approximately $82,167,000. Price T Rowe Associates Inc. MD purchased a new stake in Reddit during the first quarter valued at $37,015,000. Blackstone Inc. purchased a new stake in Reddit during the first quarter valued at $36,990,000. Finally, Marshall Wace LLP lifted its position in Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after purchasing an additional 457,588 shares during the last quarter.

Analyst Upgrades and Downgrades

RDDT has been the topic of several research analyst reports. B. Riley began coverage on shares of Reddit in a research note on Friday. They set a “buy” rating and a $75.00 target price on the stock. Morgan Stanley boosted their price objective on shares of Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Sanford C. Bernstein lifted their target price on shares of Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday, July 22nd. Bank of America increased their price target on Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Loop Capital upgraded Reddit from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average price target of $66.12.

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.