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

Reddit, Inc. (NYSE:RDDT) insider Benjamin Seong Lee sold 18,519 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $56.32, for a total value of $1,042,990.08. Following the sale, the insider now owns 175,954 shares of the company’s stock, valued at $9,909,729.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Tuesday, August 20th, Benjamin Seong Lee sold 45,807 shares of Reddit stock. The shares were sold at an average price of $53.99, for a total value of $2,473,119.93.

Reddit Trading Down 0.8 %

Shares of NYSE:RDDT traded down $0.46 during midday trading on Thursday, hitting $56.43. 3,938,114 shares of the stock were exchanged, compared to its average volume of 4,516,951. The business’s 50-day simple moving average is $62.13. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $78.08.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to the consensus estimate of $253.86 million. The business’s revenue for the quarter was up 53.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.70) earnings per share. As a group, equities analysts forecast that Reddit, Inc. will post -4.17 EPS for the current year.

Institutional Trading of Reddit

Several institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC bought a new stake in Reddit in the first quarter valued at approximately $27,000. BNP Paribas Financial Markets bought a new stake in Reddit in the first quarter valued at approximately $37,000. SOA Wealth Advisors LLC. bought a new stake in Reddit in the second quarter valued at approximately $78,000. ANTIPODES PARTNERS Ltd bought a new stake in Reddit in the first quarter valued at approximately $63,000. Finally, UMB Bank n.a. bought a new stake in Reddit in the second quarter valued at approximately $88,000.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RDDT. Bank of America raised their price objective on Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Loop Capital upgraded Reddit from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research report on Thursday, August 1st. Sanford C. Bernstein lifted their target price on Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Monday, July 22nd. JPMorgan Chase & Co. decreased their target price on Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Reddit from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, May 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $65.56.

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.