Key Points
- Reddit COO Jennifer Wong sold 60,000 shares at an average price of $162.33, generating approximately $9.74 million. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, leaving her with 1,012,226 shares.
- Reddit reported stronger-than-expected quarterly results, with EPS of $1.25 versus the $0.95 consensus estimate and revenue of $804.91 million, up 61% year over year.
- Despite some analyst price-target reductions, Reddit maintains a “Moderate Buy” consensus rating, with an average target price of $221.10 compared with its stated opening price of $157.54.
Reddit Inc. (NYSE:RDDT - Get Free Report) COO Jennifer Wong sold 60,000 shares of the business's stock in a transaction on Monday, September 14th. The shares were sold at an average price of $162.33, for a total transaction of $9,739,800.00. Following the completion of the sale, the chief operating officer directly owned 1,012,226 shares of the company's stock, valued at approximately $164,314,646.58. This trade represents a 5.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Reddit Price Performance
NYSE RDDT opened at $157.54 on Thursday. The company has a fifty day moving average of $164.84 and a two-hundred day moving average of $159.46. The company has a market capitalization of $30.31 billion, a PE ratio of 36.64, a P/E/G ratio of 0.74 and a beta of 2.02. Reddit Inc. has a 1 year low of $119.27 and a 1 year high of $282.95.
Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping analysts' consensus estimates of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The business had revenue of $804.91 million for the quarter, compared to analysts' expectations of $731.00 million. During the same quarter in the previous year, the firm earned $0.45 earnings per share. The business's revenue was up 61.0% compared to the same quarter last year. On average, research analysts expect that Reddit Inc. will post 5.27 earnings per share for the current year.
Analyst Ratings Changes
RDDT has been the topic of several research analyst reports. JPMorgan Chase & Co. cut their price target on Reddit from $200.00 to $185.00 and set a "neutral" rating on the stock in a research report on Friday, July 31st. DA Davidson reissued a "buy" rating and issued a $200.00 price objective on shares of Reddit in a report on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft set a $200.00 price objective on Reddit in a report on Friday, July 31st. Telsey Advisory Group set a $240.00 target price on shares of Reddit in a research report on Friday, July 31st. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $195.00 target price (down from $215.00) on shares of Reddit in a report on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $221.10.
Check Out Our Latest Research Report on RDDT
Hedge Funds Weigh In On Reddit
Several institutional investors have recently added to or reduced their stakes in RDDT. The Manufacturers Life Insurance Company grew its stake in shares of Reddit by 8.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,167 shares of the company's stock valued at $1,418,000 after purchasing an additional 654 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Reddit by 23.0% during the second quarter. Sequoia Financial Advisors LLC now owns 2,547 shares of the company's stock worth $442,000 after purchasing an additional 476 shares during the last quarter. Bienville Capital Management LLC lifted its holdings in shares of Reddit by 494.4% during the second quarter. Bienville Capital Management LLC now owns 96,020 shares of the company's stock worth $16,667,000 after purchasing an additional 79,867 shares during the period. Concorde Asset Management LLC purchased a new position in Reddit in the 2nd quarter valued at $788,000. Finally, NewEdge Advisors LLC grew its position in Reddit by 34.6% in the 2nd quarter. NewEdge Advisors LLC now owns 4,922 shares of the company's stock valued at $854,000 after buying an additional 1,265 shares during the last quarter.
About Reddit
(
Get Free Report)
Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and discussions. Users can submit posts, links, images and videos, while community members can comment, vote and interact through publicly accessible forums known as subreddits.
The company generates revenue primarily through digital advertising and also offers premium memberships and other paid products. Reddit additionally provides data licensing and developer-related services that support the use of its platform content and technology.
Founded in 2005 by Steve Huffman, Alexis Ohanian and Aaron Swartz, Reddit serves users worldwide across a broad range of communities.
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