Reddit (NYSE:RDDT) Insider Benjamin Seong Lee Sells 55,005 Shares

Reddit Inc. (NYSE:RDDT) insider Benjamin Seong Lee sold 55,005 shares of the business’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $221.21, for a total value of $12,167,656.05. Following the completion of the sale, the insider owned 62,608 shares in the company, valued at $13,849,515.68. This represents a 46.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• On Thursday, December 18th, Benjamin Seong Lee sold 18,750 shares of Reddit stock. The shares were sold at an average price of $240.00, for a total transaction of $4,500,000.00.
• On Monday, November 24th, Benjamin Seong Lee sold 6,427 shares of Reddit stock. The stock was sold at an average price of $192.68, for a total transaction of $1,238,354.36.

Reddit Stock Performance

RDDT stock traded up $4.34 during midday trading on Thursday, reaching $231.68. 6,026,875 shares of the company’s stock traded hands, compared to its average volume of 4,247,373. The firm has a market capitalization of $43.90 billion, a PE ratio of 130.65, a price-to-earnings-growth ratio of 2.51 and a beta of 2.17. The company has a 50-day moving average price of $207.44 and a two-hundred day moving average price of $194.00. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.30. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The company had revenue of $584.91 million during the quarter, compared to analysts’ expectations of $546.65 million. During the same period in the previous year, the business earned $0.16 earnings per share. The firm’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, analysts predict that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Raiffeisen Bank International AG bought a new position in Reddit in the 3rd quarter worth about $25,000. GW&K Investment Management LLC bought a new position in shares of Reddit in the third quarter worth approximately $30,000. Cornerstone Planning Group LLC grew its holdings in shares of Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after buying an additional 135 shares during the last quarter. Financial Perspectives Inc purchased a new stake in shares of Reddit during the second quarter valued at approximately $34,000. Finally, Geneos Wealth Management Inc. increased its position in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares in the last quarter.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RDDT. Citigroup lifted their price target on Reddit from $250.00 to $265.00 and gave the company a “buy” rating in a research report on Monday, November 3rd. Robert W. Baird raised their price objective on Reddit from $177.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, September 25th. Truist Financial set a $270.00 price target on shares of Reddit in a report on Friday, October 31st. Piper Sandler reiterated an “overweight” rating on shares of Reddit in a report on Monday, December 1st. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $236.00 price target on shares of Reddit in a report on Tuesday, October 14th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $230.28.

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.