Reddit, Inc. (NYSE:RDDT) COO Sells $1,972,646.94 in Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction on Monday, September 16th. The stock was sold at an average price of $59.18, for a total transaction of $1,972,646.94. Following the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at approximately $91,282,605.26. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Reddit Trading Up 2.9 %

Reddit stock traded up $1.78 during trading hours on Wednesday, hitting $63.67. 4,686,054 shares of the company traded hands, compared to its average volume of 4,398,606. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $78.08. The firm’s 50-day moving average price is $59.74.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. Reddit’s revenue was up 53.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.70) EPS. Research analysts expect that Reddit, Inc. will post -4.17 earnings per share for the current fiscal year.

Institutional Trading of Reddit

Institutional investors have recently modified their holdings of the company. DekaBank Deutsche Girozentrale bought a new stake in Reddit during the first quarter worth approximately $7,363,000. Commonwealth Equity Services LLC bought a new stake in shares of Reddit during the 1st quarter worth $1,111,000. BNP Paribas Financial Markets acquired a new position in shares of Reddit in the 1st quarter worth $37,000. Vanguard Group Inc. purchased a new stake in shares of Reddit during the first quarter valued at $82,167,000. Finally, Bamco Inc. NY purchased a new stake in shares of Reddit during the first quarter valued at $14,796,000.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RDDT. Loop Capital upgraded shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research note on Thursday, August 1st. Raymond James increased their target price on Reddit from $65.00 to $70.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. lowered their price target on Reddit from $67.00 to $59.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Roth Mkm reduced their price objective on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $84.00 price objective on shares of Reddit in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of $65.56.

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.