Key Points
- Reddit CAO Michelle Marie Reynolds sold 808 shares on July 1 at an average price of $200.00, totaling $161,600. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- After the transaction, Reynolds held 15,060 shares valued at about $3.01 million, representing a 5.09% decrease in her ownership stake.
- Reddit stock was up 3.1% and the company recently posted strong quarterly results, including $1.01 EPS versus $0.62 expected and 69.1% year-over-year revenue growth.
Reddit Inc. (NYSE:RDDT - Get Free Report) CAO Michelle Marie Reynolds sold 808 shares of the business's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total transaction of $161,600.00. Following the transaction, the chief accounting officer owned 15,060 shares of the company's stock, valued at approximately $3,012,000. This represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Reddit Stock Up 3.1%
Shares of RDDT stock opened at $200.67 on Tuesday. The business has a fifty day simple moving average of $164.92 and a 200 day simple moving average of $171.59. The company has a market cap of $38.63 billion, a P/E ratio of 57.33 and a beta of 1.93. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95.
Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm 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 firm earned $0.13 earnings per share. The business's quarterly revenue was up 69.1% on a year-over-year basis. As a group, equities research analysts anticipate that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Reddit
Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Reddit by 8.9% in the 4th 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 bought a new position in Reddit during the fourth quarter worth about $1,293,258,000. State Street Corp increased its stake in shares of Reddit by 6.0% in the fourth quarter. State Street Corp now owns 2,631,332 shares of the company's stock worth $604,864,000 after purchasing an additional 149,401 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Reddit by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company's stock worth $546,789,000 after purchasing an additional 106,821 shares in the last quarter. Finally, Morgan Stanley raised its position in shares of Reddit by 11.4% in the fourth 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.
Analyst Ratings Changes
A number of research analysts have recently weighed in on the company. Truist Financial set a $265.00 target price on Reddit in a report on Friday, May 1st. Zacks Research downgraded Reddit from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 3rd. Loop Capital reaffirmed a "buy" rating and set a $260.00 target price on shares of Reddit in a research report on Thursday, June 4th. Oppenheimer reissued an "outperform" rating and issued a $225.00 price target on shares of Reddit in a report on Friday, May 1st. Finally, Piper Sandler restated an "overweight" rating and set a $215.00 price target (up from $205.00) on shares of Reddit in a research report on Friday, May 1st. Eighteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $231.14.
Get Our Latest Report on RDDT
Reddit Company Profile
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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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