Key Points
- CTO Christopher Brian Slowe sold 9,500 Reddit shares on March 23 at an average price of $141.28 for about $1.34M, and after a series of prior sales now owns 38,413 shares — a 19.83% reduction in his position.
- Reddit recently beat quarterly expectations with $1.24 EPS (vs. $0.96 est.) and revenue of $725.6M, up 69.7% year-over-year, and the stock was reported as up 2.6% on the day.
- Analysts hold a consensus rating of "Moderate Buy" with an average price target of $242.19, while major institutions like Capital World Investors and Vanguard have taken sizable stakes.
Reddit Inc. (NYSE:RDDT - Get Free Report) CTO Christopher Brian Slowe sold 9,500 shares of Reddit stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $141.28, for a total transaction of $1,342,160.00. Following the completion of the transaction, the chief technology officer owned 38,413 shares in the company, valued at $5,426,988.64. This trade represents a 19.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Christopher Brian Slowe also recently made the following trade(s):
- On Monday, March 9th, Christopher Brian Slowe sold 9,500 shares of Reddit stock. The shares were sold at an average price of $136.55, for a total transaction of $1,297,225.00.
- On Monday, February 23rd, Christopher Brian Slowe sold 19,036 shares of Reddit stock. The shares were sold at an average price of $144.05, for a total value 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 value of $1,716,619.36.
- On Thursday, January 22nd, Christopher Brian Slowe sold 14,000 shares of Reddit stock. The stock was 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.
Reddit Stock Up 2.6%
Shares of NYSE:RDDT opened at $139.61 on Thursday. The company has a market cap of $26.67 billion, a price-to-earnings ratio of 53.28, a PEG ratio of 0.99 and a beta of 2.40. The business has a 50 day moving average price of $159.88 and a 200 day moving average price of $200.15. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95.
Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The company had revenue of $725.61 million for the quarter, compared to the consensus estimate of $665.80 million. During the same period in the previous year, the business posted $0.36 EPS. The company's revenue for the quarter was up 69.7% on a year-over-year basis. Analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.
Analysts Set New Price Targets
A number of equities analysts recently issued reports on the stock. Truist Financial boosted their target price on shares of Reddit from $270.00 to $275.00 and gave the stock a "buy" rating in a research report on Friday, February 6th. Jefferies Financial Group decreased their price target on shares of Reddit from $285.00 to $250.00 and set a "buy" rating on the stock in a research report on Tuesday, March 10th. Needham & Company LLC restated a "buy" rating and set a $300.00 price objective on shares of Reddit in a report on Friday, February 6th. Wall Street Zen lowered shares of Reddit from a "buy" rating to a "hold" rating in a research report on Monday. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $285.00 target price on shares of Reddit in a research note on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $242.19.
Get Our Latest Research Report on Reddit
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of RDDT. Capital World Investors bought a new stake in Reddit in the 4th quarter valued at $1,293,258,000. Norges Bank acquired a new position in shares of Reddit in the 2nd quarter valued at $294,254,000. Vanguard Group Inc. lifted its holdings in shares of 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 acquiring an additional 1,401,293 shares during the period. Amundi lifted its holdings in shares of Reddit by 2,060.5% during the 2nd quarter. Amundi now owns 1,307,231 shares of the company's stock worth $208,294,000 after acquiring an additional 1,246,725 shares during the period. Finally, Invesco Ltd. boosted its position in shares of Reddit by 419.0% during the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company's stock valued at $342,212,000 after acquiring an additional 1,201,237 shares in the last quarter.
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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