Reddit, Inc. (NYSE:RDDT) Insider Benjamin Seong Lee Sells 18,519 Shares

Reddit, Inc. (NYSE:RDDT) insider Benjamin Seong Lee sold 18,519 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the completion of the transaction, the insider now owns 138,401 shares of the company’s stock, valued at $20,214,850.06. This represents a 11.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Reddit Price Performance

NYSE:RDDT traded down $11.39 during mid-day trading on Friday, hitting $146.63. The company’s stock had a trading volume of 18,656,690 shares, compared to its average volume of 5,000,145. The business’s fifty day moving average is $92.06 and its two-hundred day moving average is $71.24. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $158.49.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The firm’s revenue for the quarter was up 67.9% on a year-over-year basis. Research analysts expect that Reddit, Inc. will post -3.63 EPS for the current year.

Institutional Trading of Reddit

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC boosted its stake in shares of Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. acquired a new position in shares of Reddit during the 3rd quarter worth approximately $474,403,000. Holocene Advisors LP lifted its position in shares of Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after buying an additional 1,923,109 shares in the last quarter. Point72 Asset Management L.P. grew its stake in Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after acquiring an additional 2,225,895 shares during the period. Finally, Inclusive Capital Partners L.P. acquired a new position in Reddit during the first quarter worth $103,051,000.

Analyst Ratings Changes

Several research analysts recently commented on RDDT shares. Jefferies Financial Group boosted their price objective on shares of Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Piper Sandler reaffirmed an “overweight” rating and set a $150.00 price target (up from $115.00) on shares of Reddit in a research report on Tuesday. JPMorgan Chase & Co. raised their price objective on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Raymond James upped their target price on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 10th. Finally, Needham & Company LLC raised their price target on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $91.67.

Reddit Company Profile

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