Jennifer L. Wong Sells 33,333 Shares of Reddit, Inc. (NYSE:RDDT) Stock

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

Reddit Trading Up 1.4 %

Shares of RDDT stock opened at $64.53 on Friday. Reddit, Inc. has a one year low of $37.35 and a one year high of $78.08. The stock’s 50-day moving average is $59.63.

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

Hedge Funds Weigh In On Reddit

Several large investors have recently modified their holdings of RDDT. Congress Park Capital LLC bought a new position in shares of Reddit during the first quarter worth about $279,000. Commonwealth Equity Services LLC bought a new position in Reddit in the first quarter worth about $1,111,000. BNP Paribas Financial Markets bought a new position in Reddit in the first quarter worth about $37,000. SG Americas Securities LLC bought a new position in Reddit in the first quarter worth about $265,000. Finally, ANTIPODES PARTNERS Ltd bought a new position in Reddit in the first quarter worth about $63,000.

Wall Street Analyst Weigh In

RDDT has been the subject of several recent research reports. Roth Mkm lowered their price target on Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. 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. Raymond James increased their price target on Reddit from $65.00 to $70.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 31st. Morgan Stanley increased their price target on Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $75.00 price target on shares of Reddit in a report on Wednesday. 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 one has assigned a strong buy rating to the stock. According to MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.56.

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.