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 the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $1,364,880.00. Following the transaction, the chief technology officer now directly owns 281,213 shares of the company’s stock, valued at approximately $34,892,909.04. This trade represents a 3.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

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

• On Monday, February 24th, Christopher Brian Slowe sold 21,000 shares of Reddit stock. The shares were sold at an average price of $162.80, for a total value of $3,418,800.00.
• On Wednesday, January 22nd, Christopher Brian Slowe sold 5,000 shares of Reddit stock. The stock was sold at an average price of $184.15, for a total value of $920,750.00.

Reddit Stock Down 4.3 %

NYSE:RDDT traded down $5.36 during midday trading on Wednesday, hitting $120.07. The company had a trading volume of 4,848,989 shares, compared to its average volume of 5,334,641. The company has a market capitalization of $21.72 billion and a PE ratio of -15.53. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The stock’s fifty day moving average price is $168.60 and its 200-day moving average price is $136.54.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Loop Capital reiterated a “buy” rating and set a $210.00 target price on shares of Reddit in a research report on Tuesday, March 11th. Wells Fargo & Company raised their price objective on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. The Goldman Sachs Group increased their target price on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price target on shares of Reddit in a research report on Friday, March 21st. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $162.68.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RDDT. Prospera Financial Services Inc bought a new position in shares of Reddit during the 3rd quarter valued at $248,000. Charles Schwab Investment Management Inc. grew its stake in shares of Reddit by 194.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company’s stock valued at $33,179,000 after buying an additional 332,604 shares during the last quarter. Cerity Partners LLC purchased a new position in shares of Reddit in the third quarter worth about $446,000. Kingsview Wealth Management LLC purchased a new position in shares of Reddit in the third quarter worth about $251,000. Finally, Penserra Capital Management LLC lifted its stake in shares of Reddit by 63.1% in the 3rd quarter. Penserra Capital Management LLC now owns 48,945 shares of the company’s stock valued at $3,226,000 after acquiring an additional 18,932 shares during the last quarter.

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.