Reddit, Inc.’s Lock-Up Period Set To End Tomorrow (NYSE:RDDT)

Reddit’s (NYSE:RDDT) lock-up period is set to end on Tuesday, September 17th. Reddit had issued 22,000,000 shares in its initial public offering on March 21st. The total size of the offering was $748,000,000 based on an initial share price of $34.00. After the end of the company’s lock-up period, restrictions preventing major shareholders and company insiders from selling shares in the company will be lifted.

Analysts Set New Price Targets

RDDT has been the subject of a number of research reports. Cannonball Research initiated coverage on Reddit in a research report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective for the company. Morgan Stanley boosted their price target on shares of Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. cut their price objective on shares of Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Roth Mkm lowered their target price on shares of Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $75.00 price target on shares of Reddit in a research note on Thursday, August 8th. One 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $65.56.

Reddit Price Performance

Shares of NYSE RDDT opened at $59.09 on Monday. The firm has a 50-day moving average of $60.30. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $78.08.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to analyst estimates of $253.86 million. The company’s quarterly revenue was up 53.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.70) EPS. As a group, sell-side analysts forecast that Reddit will post -4.17 EPS for the current fiscal year.

Insider Transactions at Reddit

In other Reddit news, Director Mary Porter Gale sold 30,000 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $52.31, for a total value of $1,569,300.00. Following the transaction, the director now directly owns 71,459 shares in the company, valued at $3,738,020.29. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CTO Christopher Brian Slowe sold 21,000 shares of Reddit stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total transaction of $1,133,790.00. Following the completion of the sale, the chief technology officer now owns 339,295 shares of the company’s stock, valued at $18,318,537.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary Porter Gale sold 30,000 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the completion of the sale, the director now directly owns 71,459 shares of the company’s stock, valued at approximately $3,738,020.29. The disclosure for this sale can be found here. In the last three months, insiders sold 204,373 shares of company stock worth $11,095,284.

Institutional Investors Weigh In On Reddit

A number of large investors have recently added to or reduced their stakes in the stock. Inclusive Capital Partners L.P. acquired a new position in shares of Reddit in the 1st quarter valued at approximately $103,051,000. Vanguard Group Inc. acquired a new position in Reddit during the first quarter valued at approximately $82,167,000. Bank of New York Mellon Corp lifted its stake in Reddit by 10.1% during the second 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 during the last quarter. Marshall Wace LLP boosted its holdings in shares of Reddit by 117.2% in 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 in the last quarter. Finally, Price T Rowe Associates Inc. MD bought a new position in shares of Reddit in the 1st quarter valued at $37,015,000.

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.