Reddit (NYSE:RDDT) Insider Benjamin Seong Lee Sells 18,750 Shares of Stock

Reddit Inc. (NYSE:RDDT) insider Benjamin Seong Lee sold 18,750 shares of the firm’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $240.00, for a total value of $4,500,000.00. Following the transaction, the insider directly owned 62,608 shares in the company, valued at $15,025,920. This trade represents a 23.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Benjamin Seong Lee also recently made the following trade(s):

• On Tuesday, December 16th, Benjamin Seong Lee sold 55,005 shares of Reddit stock. The stock was sold at an average price of $221.21, for a total transaction of $12,167,656.05.
• On Monday, November 24th, Benjamin Seong Lee sold 6,427 shares of Reddit stock. The shares were sold at an average price of $192.68, for a total transaction of $1,238,354.36.

Reddit Trading Up 1.9%

Reddit stock opened at $231.68 on Friday. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95. The stock has a market cap of $43.90 billion, a price-to-earnings ratio of 133.15, a PEG ratio of 2.51 and a beta of 2.17. The company’s 50-day moving average price is $207.84 and its two-hundred day moving average price is $194.26.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.30. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The company had revenue of $584.91 million during the quarter, compared to analyst estimates of $546.65 million. During the same period in the prior year, the business posted $0.16 EPS. The business’s revenue for the quarter was up 67.9% compared to the same quarter last year. Research analysts expect that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Reddit

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RDDT. Kovitz Investment Group Partners LLC raised its stake in Reddit by 78.7% during the 1st quarter. Kovitz Investment Group Partners LLC now owns 2,271 shares of the company’s stock valued at $238,000 after purchasing an additional 1,000 shares during the period. American Century Companies Inc. grew its holdings in shares of Reddit by 35.0% during the first quarter. American Century Companies Inc. now owns 11,523 shares of the company’s stock valued at $1,209,000 after buying an additional 2,987 shares in the last quarter. State of New Jersey Common Pension Fund D raised its position in Reddit by 7.2% during the first quarter. State of New Jersey Common Pension Fund D now owns 23,131 shares of the company’s stock valued at $2,426,000 after buying an additional 1,548 shares during the period. Northwest & Ethical Investments L.P. lifted its stake in Reddit by 23.4% in the 1st quarter. Northwest & Ethical Investments L.P. now owns 3,054 shares of the company’s stock worth $320,000 after acquiring an additional 579 shares in the last quarter. Finally, Versor Investments LP acquired a new stake in Reddit during the 1st quarter worth about $231,000.

Analysts Set New Price Targets

A number of equities analysts have issued reports on RDDT shares. Oppenheimer increased their price target on Reddit from $215.00 to $300.00 and gave the company an “outperform” rating in a research note on Tuesday, September 16th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Reddit in a research note on Monday. Raymond James Financial reaffirmed a “strong-buy” rating and set a $250.00 target price (up from $225.00) on shares of Reddit in a report on Monday, October 20th. Needham & Company LLC reissued a “buy” rating and issued a $300.00 price target on shares of Reddit in a report on Friday, October 31st. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $236.00 price objective on shares of Reddit in a research note on Tuesday, October 14th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $230.28.

About Reddit

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.