Key Points
- CTO sold $3,275,860 of Reddit stock on Dec. 8 (14,000 shares at $233.99), trimming his stake by 7.46% to 173,694 shares — part of a series of insider sales since September.
- Strong quarterly results: Reddit reported Q3 EPS of $0.80 vs. $0.50 expected and revenue of $584.9M (up 67.9% YoY), while the stock trades around $238.72 with a $45.24B market cap.
- Analyst and institutional view: Consensus is a "Moderate Buy" with an average target of $229.28, and institutional activity includes notable increases from investors like JPMorgan.
Reddit Inc. (NYSE:RDDT - Get Free Report) CTO Christopher Brian Slowe sold 14,000 shares of the business's stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $233.99, for a total value of $3,275,860.00. Following the transaction, the chief technology officer owned 173,694 shares in the company, valued at approximately $40,642,659.06. This represents a 7.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Christopher Brian Slowe also recently made the following trade(s):
- On Monday, November 24th, Christopher Brian Slowe sold 24,000 shares of Reddit stock. The shares were sold at an average price of $192.72, for a total value of $4,625,280.00.
- On Monday, November 10th, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The shares were sold at an average price of $204.43, for a total value of $2,862,020.00.
- On Wednesday, October 22nd, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The stock was sold at an average price of $197.10, for a total value of $2,759,400.00.
- On Wednesday, October 8th, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The shares were sold at an average price of $200.81, for a total transaction of $2,811,340.00.
- On Monday, September 22nd, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The shares were sold at an average price of $257.28, for a total transaction of $3,601,920.00.
Reddit Trading Up 1.1%
NYSE RDDT opened at $238.72 on Thursday. The company's fifty day simple moving average is $205.33 and its 200-day simple moving average is $189.85. The stock has a market cap of $45.24 billion, a P/E ratio of 137.19, a PEG ratio of 2.61 and a beta of 2.17. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95.
Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.30. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The firm had revenue of $584.91 million for the quarter, compared to the consensus estimate of $546.65 million. During the same quarter in the previous year, the firm posted $0.16 EPS. The firm's quarterly revenue was up 67.9% on a year-over-year basis. On average, research analysts expect that Reddit Inc. will post 1.12 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on the company. Piper Sandler reissued an "overweight" rating on shares of Reddit in a report on Monday, December 1st. Zacks Research upgraded Reddit from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 29th. Royal Bank Of Canada reissued a "sector perform" rating on shares of Reddit in a report on Wednesday, October 1st. Oppenheimer lifted their target price on Reddit from $215.00 to $300.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 16th. Finally, Cannonball Research restated a "buy" rating on shares of Reddit in a research note on Tuesday, September 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $229.28.
Check Out Our Latest Stock Report on RDDT
Institutional Trading of Reddit
A number of large investors have recently modified their holdings of RDDT. Teacher Retirement System of Texas lifted its holdings in Reddit by 880.5% in the 2nd quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company's stock valued at $14,255,000 after acquiring an additional 85,020 shares during the last quarter. Petrus Trust Company LTA acquired a new position in Reddit in the first quarter worth approximately $473,000. JPMorgan Chase & Co. increased its holdings in shares of Reddit by 98.2% in the first quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company's stock valued at $200,096,000 after buying an additional 944,847 shares in the last quarter. Greycroft LP lifted its position in shares of Reddit by 109.1% during the 1st quarter. Greycroft LP now owns 11,500 shares of the company's stock valued at $1,206,000 after acquiring an additional 6,000 shares during the last quarter. Finally, Think Investments LP grew its holdings in shares of Reddit by 10.3% in the 1st quarter. Think Investments LP now owns 268,000 shares of the company's stock worth $28,113,000 after acquiring an additional 25,000 shares during the last quarter.
Reddit Company Profile
(
Get Free Report)
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.
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