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 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 owns 138,401 shares of the company’s stock, valued at approximately $20,214,850.06. This represents a 11.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Reddit Trading Down 7.2 %

Shares of Reddit stock opened at $146.67 on Friday. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $158.49. The business’s 50 day moving average is $92.06 and its 200-day moving average is $71.40.

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

Analysts Set New Price Targets

Several brokerages have issued reports on RDDT. Needham & Company LLC increased their price target on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Sanford C. Bernstein increased their target price on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. Loop Capital lifted their price target on shares of Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Raymond James increased their price objective on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 10th. Finally, Citigroup raised their price objective on shares of Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $91.67.

Hedge Funds Weigh In On Reddit

A number of institutional investors have recently bought and sold shares of RDDT. BNP Paribas Financial Markets acquired a new stake in shares of Reddit in the first quarter valued at approximately $37,000. Whittier Trust Co. bought a new position in Reddit during the third quarter worth $42,000. SOA Wealth Advisors LLC. acquired a new position in shares of Reddit in the second quarter valued at $78,000. Sandia Investment Management LP bought a new position in shares of Reddit in the first quarter valued at about $79,000. Finally, Daiwa Securities Group Inc. acquired a new stake in shares of Reddit during the 3rd quarter worth about $85,000.

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.