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

Reddit, Inc. (NYSE:RDDT) insider Benjamin Seong Lee sold 18,519 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the completion of the sale, the insider now directly owns 138,401 shares in the company, valued at approximately $20,214,850.06. This trade represents a 11.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Reddit Price Performance

NYSE RDDT opened at $146.63 on Friday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $158.49. The stock’s fifty day moving average price is $92.06 and its 200-day moving average price is $71.24.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. On average, equities research analysts forecast that Reddit, Inc. will post -3.63 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Sanford C. Bernstein raised their price target on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Citigroup boosted their price target on Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price objective on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. Roth Mkm upped their target price on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Jefferies Financial Group lifted their price target on shares of Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $91.67.

Hedge Funds Weigh In On Reddit

A number of hedge funds have recently added to or reduced their stakes in RDDT. Whittier Trust Co. bought a new stake in shares of Reddit in the 3rd quarter worth $42,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit during the first quarter valued at $37,000. SOA Wealth Advisors LLC. purchased a new stake in shares of Reddit during the second quarter valued at $78,000. Daiwa Securities Group Inc. bought a new stake in Reddit in the 3rd quarter worth about $85,000. Finally, UMB Bank n.a. purchased a new position in Reddit in the 2nd quarter worth about $88,000.

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.