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

Reddit, Inc. (NYSE:RDDT) insider Benjamin Seong Lee sold 18,519 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $56.32, for a total value of $1,042,990.08. Following the completion of the sale, the insider now directly owns 175,954 shares of the company’s stock, valued at $9,909,729.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

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 Stock Up 4.9 %

Shares of Reddit stock opened at $59.17 on Friday. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $78.08. The stock’s 50-day moving average price is $62.09.

Reddit (NYSE:RDDT) last posted its quarterly earnings data 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 company had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. During the same quarter last year, the firm earned ($0.70) EPS. The business’s revenue for the quarter was up 53.6% on a year-over-year basis. As a group, equities research analysts forecast that Reddit, Inc. will post -4.17 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently commented on RDDT. Roth Mkm reduced their price objective on shares of Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. The Goldman Sachs Group boosted their price objective on shares of Reddit from $40.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th. Citigroup lifted their price target on shares of Reddit from $65.00 to $70.00 and gave the company a “buy” rating in a report on Friday, May 17th. Sanford C. Bernstein increased their price target on Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a report on Monday, July 22nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $75.00 target price on shares of Reddit in a research report on Thursday, August 8th. 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 assigned a strong buy rating to the company. Based on data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and an average price target of $65.56.

Hedge Funds Weigh In On Reddit

Hedge funds and other institutional investors have recently made changes to their positions in the company. Truist Financial Corp acquired a new position in Reddit in the 2nd quarter worth $266,000. Scientech Research LLC increased its holdings in Reddit by 120.0% during the second quarter. Scientech Research LLC now owns 19,432 shares of the company’s stock worth $1,242,000 after buying an additional 10,601 shares during the last quarter. Maverick Capital Ltd. raised its holdings in shares of Reddit by 147.4% in the 2nd quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock valued at $47,416,000 after purchasing an additional 442,145 shares during the period. Alight Capital Management LP bought a new stake in Reddit in the second quarter valued at approximately $3,194,000. Finally, Marshall Wace LLP lifted its holdings in Reddit by 117.2% during the 2nd 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.

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.