Reddit, Inc. (NYSE:RDDT) Insider Benjamin Seong Lee Sells 45,807 Shares

Reddit, Inc. (NYSE:RDDT) insider Benjamin Seong Lee sold 45,807 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total value of $2,473,119.93. Following the transaction, the insider now owns 194,473 shares of the company’s stock, valued at $10,499,597.27. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• On Thursday, August 22nd, Benjamin Seong Lee sold 18,519 shares of Reddit stock. The shares were sold at an average price of $56.32, for a total value of $1,042,990.08.

Reddit Stock Performance

Reddit stock opened at $56.43 on Friday. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $78.08. The business has a 50-day simple moving average of $62.13.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. The firm’s revenue for the quarter was up 53.6% compared to the same quarter last year. During the same period last year, the business earned ($0.70) earnings per share. Analysts anticipate that Reddit, Inc. will post -4.17 EPS for the current year.

Hedge Funds Weigh In On Reddit

A number of institutional investors have recently modified their holdings of RDDT. Inclusive Capital Partners L.P. bought a new position in Reddit in the first quarter valued at approximately $103,051,000. Vanguard Group Inc. bought a new stake in Reddit during the 1st quarter worth $82,167,000. Bank of New York Mellon Corp increased its holdings in Reddit by 10.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after purchasing an additional 153,282 shares in the last quarter. Marshall Wace LLP raised its position in Reddit by 117.2% in the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after purchasing an additional 457,588 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD acquired a new stake in shares of Reddit during the first quarter valued at about $37,015,000.

Analyst Ratings Changes

A number of research firms recently weighed in on RDDT. Piper Sandler increased their price objective on shares of Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Roth Mkm decreased their target price on shares of Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Loop Capital raised Reddit from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a report on Thursday, August 1st. Cannonball Research assumed coverage on Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective for the company. Finally, The Goldman Sachs Group raised their target price on Reddit from $40.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.