Reddit, Inc. (NYSE:RDDT) Insider Sells $14,523,247.65 in Stock

Reddit, Inc. (NYSE:RDDT) insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the sale, the insider now directly owns 115,001 shares of the company’s stock, valued at approximately $18,095,407.35. The trade was a 44.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Reddit Stock Performance

NYSE:RDDT opened at $134.14 on Friday. The stock has a 50-day simple moving average of $181.61 and a two-hundred day simple moving average of $130.47. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The firm has a market capitalization of $24.27 billion and a PE ratio of -17.35.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Equities analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Reddit

Several large investors have recently made changes to their positions in the business. Kilter Group LLC purchased a new position in shares of Reddit in the fourth quarter valued at about $928,000. Castle Rock Wealth Management LLC purchased a new position in shares of Reddit in the fourth quarter valued at about $789,000. Brooklyn FI LLC purchased a new position in shares of Reddit in the fourth quarter valued at about $6,339,000. Employees Retirement System of Texas purchased a new position in shares of Reddit in the fourth quarter valued at about $1,803,000. Finally, Jefferies Financial Group Inc. purchased a new position in shares of Reddit in the fourth quarter valued at about $917,000.

Analyst Ratings Changes

A number of analysts have commented on RDDT shares. Guggenheim started coverage on Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 target price for the company. JMP Securities lifted their target price on Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a report on Thursday, February 13th. The Goldman Sachs Group lifted their target price on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Wells Fargo & Company lifted their target price on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Finally, Morgan Stanley lifted their target price on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $175.95.

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.