Reddit, Inc. (NYSE:RDDT) CTO Sells $721,160.00 in Stock

Reddit, Inc. (NYSE:RDDT) CTO Christopher Brian Slowe sold 11,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $65.56, for a total value of $721,160.00. Following the sale, the chief technology officer now owns 339,295 shares of the company’s stock, valued at approximately $22,244,180.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Tuesday, August 20th, Christopher Brian Slowe sold 21,000 shares of Reddit stock. The stock was sold at an average price of $53.99, for a total transaction of $1,133,790.00.

Reddit Price Performance

NYSE RDDT opened at $67.07 on Friday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $78.08. The business’s 50-day moving average price is $59.35.

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

Analysts Set New Price Targets

RDDT has been the topic of a number of recent analyst reports. Cannonball Research began coverage on shares of Reddit in a research report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price on the stock. Bank of America raised their price objective on Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. B. Riley initiated coverage on Reddit in a research report on Friday, September 20th. They issued a “buy” rating and a $75.00 target price for the company. Piper Sandler lifted their price target on Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Finally, JMP Securities reissued a “market outperform” rating and issued a $84.00 price objective on shares of Reddit in a report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, six have issued 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, the stock currently has an average rating of “Moderate Buy” and an average price target of $66.12.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Inclusive Capital Partners L.P. acquired a new position in shares of Reddit during the 1st quarter worth $103,051,000. Vanguard Group Inc. purchased a new stake in Reddit during the first quarter worth about $82,167,000. Price T Rowe Associates Inc. MD acquired a new position in Reddit during the first quarter worth about $37,015,000. Blackstone Inc. purchased a new position in Reddit in the first quarter valued at about $36,990,000. Finally, Marshall Wace LLP lifted its position in shares of Reddit by 117.2% during the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after acquiring an additional 457,588 shares during the period.

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.