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 Reddit stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value of $2,704,885.14. Following the sale, the insider now directly owns 138,401 shares in the company, valued at $20,214,850.06. The trade was a 11.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Reddit Price Performance

NYSE RDDT opened at $146.67 on Friday. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $158.49. The stock has a fifty day moving average of $92.06 and a 200-day moving average of $71.40.

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

Institutional Investors Weigh In On Reddit

Institutional investors and hedge funds have recently modified their holdings of the business. ARK Investment Management LLC boosted its stake in Reddit by 120.5% in the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after acquiring an additional 192,785 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Reddit by 903.8% in the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock valued at $33,231,000 after purchasing an additional 453,894 shares during the period. DekaBank Deutsche Girozentrale bought a new position in shares of Reddit in the 1st quarter worth $7,363,000. Objective Capital Management LLC acquired a new stake in shares of Reddit during the third quarter worth $391,000. Finally, VY Capital Management Co. Ltd. bought a new stake in Reddit in the third quarter valued at about $474,403,000.

Analysts Set New Price Targets

RDDT has been the subject of several analyst reports. Citigroup raised their target price on Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Piper Sandler restated an “overweight” rating and issued a $150.00 target price (up previously from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. Roth Mkm increased their target price on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Needham & Company LLC boosted their price target on shares of Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Loop Capital upped their price objective on shares of Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $91.67.

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.