Key Points
- CTO insider sale: Reddit CTO Christopher Brian Slowe sold 9,500 shares on March 9 at an average price of $136.55 (~$1.30M), trimming his stake by 4.93% to 183,057 shares; this transaction is part of a string of sizable sales dating back to December.
- Company results and market view: Reddit beat Q earnings expectations (EPS $1.24 vs. $0.96) and reported revenue of $725.6M (up 69.7% YoY); the stock trades near $138, carries a PE of ~52.5, and has a consensus analyst rating of "Moderate Buy" with an average target of $236.
Reddit Inc. (NYSE:RDDT - Get Free Report) CTO Christopher Brian Slowe sold 9,500 shares of the stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $136.55, for a total transaction of $1,297,225.00. Following the completion of the transaction, the chief technology officer owned 183,057 shares in the company, valued at approximately $24,996,433.35. This trade represents a 4.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.
Christopher Brian Slowe also recently made the following trade(s):
- On Monday, February 23rd, Christopher Brian Slowe sold 19,036 shares of Reddit stock. The stock was sold at an average price of $144.05, for a total transaction of $2,742,135.80.
- On Tuesday, February 10th, Christopher Brian Slowe sold 11,464 shares of Reddit stock. The shares were sold at an average price of $149.74, for a total transaction of $1,716,619.36.
- On Thursday, January 22nd, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The shares were sold at an average price of $212.61, for a total value of $2,976,540.00.
- On Thursday, January 8th, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The stock was sold at an average price of $253.88, for a total value of $3,554,320.00.
- On Monday, December 22nd, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The shares were sold at an average price of $233.53, for a total value of $3,269,420.00.
Reddit Trading Up 0.7%
NYSE:RDDT traded up $0.93 during trading hours on Thursday, reaching $138.05. 234,370 shares of the company were exchanged, compared to its average volume of 5,716,875. The stock's 50-day moving average is $181.75 and its 200-day moving average is $206.15. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95. The firm has a market cap of $26.37 billion, a PE ratio of 52.49, a price-to-earnings-growth ratio of 0.98 and a beta of 2.40.
Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm had revenue of $725.61 million for the quarter, compared to analysts' expectations of $665.80 million. During the same quarter in the previous year, the company posted $0.36 EPS. The company's revenue was up 69.7% compared to the same quarter last year. As a group, research analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.
Hedge Funds Weigh In On Reddit
A number of institutional investors have recently bought and sold shares of RDDT. Corient Private Wealth LLC boosted its stake in Reddit by 58.5% during the fourth quarter. Corient Private Wealth LLC now owns 8,491 shares of the company's stock valued at $1,949,000 after buying an additional 3,134 shares during the last quarter. SHP Wealth Management purchased a new stake in shares of Reddit during the fourth quarter valued at about $78,000. Alpine Global Management LLC grew its stake in shares of Reddit by 187.4% during the 4th quarter. Alpine Global Management LLC now owns 2,658 shares of the company's stock worth $611,000 after purchasing an additional 1,733 shares during the period. Pacer Advisors Inc. grew its position in shares of Reddit by 64.2% in the fourth quarter. Pacer Advisors Inc. now owns 318,153 shares of the company's stock valued at $73,134,000 after purchasing an additional 124,394 shares during the period. Finally, Floyd Financial Group LLC acquired a new stake in shares of Reddit in the fourth quarter valued at approximately $1,216,000.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on the stock. Argus set a $300.00 target price on shares of Reddit in a report on Friday, January 9th. Weiss Ratings reissued a "hold (c-)" rating on shares of Reddit in a research report on Monday, December 29th. Evercore reissued an "outperform" rating and set a $290.00 target price on shares of Reddit in a research report on Friday, February 6th. China Renaissance assumed coverage on shares of Reddit in a research note on Tuesday, December 9th. They issued a "buy" rating and a $300.00 price objective for the company. Finally, Needham & Company LLC reissued a "buy" rating and issued a $300.00 target price on shares of Reddit in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Reddit presently has an average rating of "Moderate Buy" and a consensus target price of $236.00.
View Our Latest Analysis on RDDT
Reddit Company Profile
(
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.
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