Reddit, Inc. (NYSE:RDDT – Get Free Report) CAO Michelle Marie Reynolds sold 12,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 20. The shares were sold at an average price of $54.00, for a total value of $648,000.00. Following the sale, the chief accounting officer now owns 71,162 shares of the company’s stock, valued at approximately $3,842,748. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed at this link.

Reddit Price Performance

Shares of RDDT opened at $56.43 on Friday. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $78.08. The company has a 50-day simple moving average of $62.13.

Reddit (NYSE:RDDT – Get Free Report) last released its quarterly earnings results on Tuesday, August 6. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. During the same period in the prior year, the company posted ($0.70) EPS. The company’s revenue for the quarter was 53.6% higher than the year-ago quarter. Equities research analysts predict that Reddit, Inc. will post -4.17 EPS for the current fiscal year.

Institutional Trading From Reddit

Institutional investors have recently made changes to their positions in the stock. Global Retirement Partners LLC purchased a new stake in shares of Reddit during the first quarter worth approximately $27,000. BNP Paribas Financial Markets acquired a new position in shares of Reddit during the 1st quarter worth $37,000. ANTIPODES PARTNERS Ltd. acquired a new position in shares of Reddit during the 1st quarter worth $63,000. SOA Wealth Advisors LLC. purchased a new stake in shares of Reddit during the 2nd quarter worth $78,000. Finally, Sandia Investment Management LP acquired a new stake in shares of Reddit during the first quarter worth $79,000.

Changes in analyst ratings

A number of equities research analysts have recently weighed in on the company. Roth Mkm lowered their price target on Reddit from $67.00 to $66.00 and set a “buy” rating on the company in a report on Wednesday, August 7th. Raymond James increased their price target on shares of Reddit from $65.00 to $70.00 and gave the stock a “strong buy” rating in a report on Wednesday, July 31st. Citigroup increased their price target on shares of Reddit from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Morgan Stanley increased their price target on shares of Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Finally, Robert W. Baird raised their price objective on shares of Reddit from $50.00 to $59.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.56.

Check out our latest report on Reddit

About Reddit

(Get free report)

Reddit, Inc. operates a website that organizes digital communities. It organizes communities based on specific interests that allow users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and commenting on each other. The company was founded in 2005 and is headquartered in San Francisco, California.

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