Key Points
- Reddit COO Jennifer Wong sold 39,166 shares on June 16 at an average price of $176.94, totaling about $6.93 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- After the transaction, Wong still owned 1,050,339 shares, worth roughly $185.85 million, and her stake fell by 3.59%.
- Reddit remains a closely watched stock: the company recently beat quarterly earnings and revenue estimates, while analysts currently rate it Moderate Buy with a consensus price target of $230.75.
Reddit Inc. (NYSE:RDDT - Get Free Report) COO Jennifer Wong sold 39,166 shares of the company's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $176.94, for a total value of $6,930,032.04. Following the transaction, the chief operating officer directly owned 1,050,339 shares in the company, valued at approximately $185,846,982.66. This represents a 3.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Reddit Stock Performance
Shares of RDDT opened at $175.38 on Friday. The business's fifty day moving average price is $160.32 and its two-hundred day moving average price is $175.69. The firm has a market capitalization of $33.76 billion, a price-to-earnings ratio of 50.11 and a beta of 1.91. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95.
Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. During the same quarter in the previous year, the company posted $0.13 earnings per share. The firm's quarterly revenue was up 69.1% on a year-over-year basis. As a group, research analysts forecast that Reddit Inc. will post 4.83 EPS for the current year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Reddit by 8.9% in the fourth quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company's stock valued at $3,062,339,000 after acquiring an additional 1,083,540 shares during the period. Capital World Investors acquired a new stake in shares of Reddit during the fourth quarter worth about $1,293,258,000. State Street Corp lifted its holdings in shares of Reddit by 6.0% during the 4th quarter. State Street Corp now owns 2,631,332 shares of the company's stock valued at $604,864,000 after purchasing an additional 149,401 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Reddit by 4.7% during the 4th quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company's stock valued at $546,789,000 after purchasing an additional 106,821 shares in the last quarter. Finally, Morgan Stanley grew its position in shares of Reddit by 11.4% in the 4th quarter. Morgan Stanley now owns 2,372,443 shares of the company's stock valued at $545,354,000 after purchasing an additional 242,709 shares during the period.
Wall Street Analyst Weigh In
RDDT has been the subject of several recent research reports. Jefferies Financial Group dropped their price objective on Reddit from $285.00 to $250.00 and set a "buy" rating for the company in a report on Tuesday, March 10th. Needham & Company LLC reiterated a "buy" rating and set a $300.00 price target on shares of Reddit in a research report on Friday, May 1st. Piper Sandler reissued an "overweight" rating and set a $215.00 price target (up from $205.00) on shares of Reddit in a research note on Friday, May 1st. Truist Financial set a $265.00 price objective on shares of Reddit in a report on Friday, May 1st. Finally, Zacks Research cut shares of Reddit from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 3rd. Eighteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company's stock. According to MarketBeat.com, Reddit has an average rating of "Moderate Buy" and a consensus price target of $230.75.
Read Our Latest Stock Analysis on Reddit
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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