Reddit, Inc. (NYSE:RDDT – Get Free Report) CTO Christopher Brian Slowe sold 21,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 20. The shares were sold at an average price of $53.99, for a total value of $1,133,790.00. Following the completion of the transaction, the chief technology officer now directly owns 339,295 shares of the company’s stock, valued at $18,318,537.05. The sale was disclosed in a document filed with the SEC, accessible at this link.

Reddit shares drop 0.8%

Shares of RDDT opened at $56.43 on Friday. The company has a fifty-day simple moving average of $62.13. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $78.08.

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 analyst estimates of $253.86 million. The company’s revenue for the quarter increased 53.6% year over year. During the same period last year, the company earned ($0.70) EPS. As a group, equities research analysts predict that Reddit, Inc. will post -4.17 EPS for the current year.

Changes in analyst ratings

A number of equities analysts have recently commented on RDDT stock. JPMorgan Chase & Co. lowered their price target on shares of Reddit from $67.00 to $59.00 and gave the stock a “neutral” rating in a research 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. Deutsche Bank Aktiengesellschaft increased their price target on shares of Reddit from $62.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Sanford C. Bernstein increased their price target on Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Monday, July 22nd. Finally, Roth Mkm lowered their price target on Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and an average price target of $65.56.

View our latest stock analysis on RDDT

Hedge Funds Weigh In On Reddit

A number of hedge funds have recently made changes to their RDDT holdings. DekaBank Deutsche Girozentrale purchased a new stake in Reddit during the first quarter worth $7,363,000. Commonwealth Equity Services LLC acquired a new stake in shares of Reddit during the first quarter worth $1,111,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit during the first quarter worth approximately $37,000. Vanguard Group Inc. acquired a new stake in shares of Reddit during the first quarter worth approximately $82,167,000. Finally, Bamco Inc. NY purchased a new position in Reddit during the first quarter worth approximately $14,796,000.

Reddit Company Profile

(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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