Key Points
- Andrew Vollero sold 8,413 Reddit shares on Jan. 6 at an average price of $252.72 for about $2.13M, trimming his stake by 3.18% to 256,118 shares; he also sold 500 shares on Jan. 7 at $260.06.
- Reddit recently beat expectations, reporting $0.80 EPS vs. a $0.50 consensus and revenue of $584.9M, up 67.9% year-over-year.
- The stock has a market cap of roughly $48.1B, a 1-year high of $282.95, and a consensus analyst rating of "Moderate Buy" with a $230.65 price target.
Reddit Inc. (NYSE:RDDT - Get Free Report) CFO Andrew Vollero sold 500 shares of the business's stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $260.06, for a total transaction of $130,030.00. Following the transaction, the chief financial officer directly owned 255,618 shares of the company's stock, valued at $66,476,017.08. The trade was a 0.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Andrew Vollero also recently made the following trade(s):
- On Tuesday, January 6th, Andrew Vollero sold 8,413 shares of Reddit stock. The shares were sold at an average price of $252.72, for a total transaction of $2,126,133.36.
Reddit Trading Down 0.6%
Shares of NYSE RDDT opened at $253.87 on Friday. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95. The company has a market cap of $48.11 billion, a PE ratio of 145.90, a P/E/G ratio of 1.72 and a beta of 2.17. The stock has a 50 day simple moving average of $217.70 and a 200-day simple moving average of $206.10.
Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.30. Reddit had a return on equity of 14.94% and a net margin of 18.33%.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 business earned $0.16 EPS. The firm's revenue for the quarter was up 67.9% on a year-over-year basis. Sell-side analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Reddit
A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company's stock worth $2,814,734,000 after buying an additional 1,401,293 shares during the period. State Street Corp increased its position in shares of Reddit by 22.3% in the third quarter. State Street Corp now owns 2,481,931 shares of the company's stock worth $570,819,000 after acquiring an additional 451,792 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Reddit by 7.5% during the second quarter. JPMorgan Chase & Co. now owns 2,051,175 shares of the company's stock valued at $308,846,000 after acquiring an additional 143,680 shares during the period. Geode Capital Management LLC lifted its position in shares of Reddit by 72.1% in the 2nd quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company's stock valued at $299,044,000 after acquiring an additional 833,245 shares in the last quarter. Finally, Norges Bank acquired a new position in Reddit in the 2nd quarter worth approximately $294,254,000.
Analysts Set New Price Targets
RDDT has been the subject of a number of research analyst reports. Truist Financial set a $270.00 price target on shares of Reddit in a research note on Friday, October 31st. Jefferies Financial Group upped their target price on Reddit from $300.00 to $325.00 and gave the stock a "buy" rating in a research report on Thursday, December 11th. Citigroup increased their price target on Reddit from $250.00 to $265.00 and gave the company a "buy" rating in a research note on Monday, November 3rd. Needham & Company LLC restated a "buy" rating and issued a $300.00 price objective on shares of Reddit in a report on Monday, December 29th. Finally, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Reddit in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $230.65.
Check Out Our Latest Research Report on RDDT
About Reddit
(
Get Free Report)
Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called "subreddits," each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.
Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.
Further Reading
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