Reddit (NYSE:RDDT) Insider Sells $12,167,656.05 in Stock

Reddit Inc. (NYSE:RDDT) insider Benjamin Seong Lee sold 55,005 shares of the 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 transaction, the insider directly owned 62,608 shares in the company, valued at approximately $13,849,515.68. This represents a 46.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

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 stock was 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 value of $1,238,354.36.

Reddit Stock Up 1.9%

RDDT traded up $4.34 during midday trading on Thursday, reaching $231.68. The company had a trading volume of 6,026,875 shares, compared to its average volume of 4,247,373. The business has a 50-day moving average of $207.44 and a two-hundred day moving average of $194.00. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95. The company has a market cap of $43.90 billion, a P/E ratio of 130.65, a P/E/G ratio of 2.51 and a beta of 2.17.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $546.65 million. During the same period in the previous year, the company posted $0.16 EPS. The firm’s revenue was up 67.9% on a year-over-year basis. On average, equities research analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Raymond James Financial reaffirmed a “strong-buy” rating and set a $250.00 price objective (up from $225.00) on shares of Reddit in a report on Monday, October 20th. Piper Sandler reiterated an “overweight” rating on shares of Reddit in a research report on Monday, December 1st. Truist Financial set a $270.00 price objective on Reddit in a research report on Friday, October 31st. Citigroup lifted their target price on Reddit from $250.00 to $265.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. Finally, Morgan Stanley restated an “overweight” rating and set a $250.00 price target on shares of Reddit in a report on Friday, October 31st. Three research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $230.28.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. grew its holdings in shares of Reddit by 103.0% during the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock valued at $593,733,000 after buying an additional 2,871,232 shares during the last quarter. Norges Bank purchased a new position in shares of Reddit in the second quarter worth about $294,254,000. Vanguard Group Inc. lifted its holdings in shares of Reddit by 12.9% during the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after purchasing an additional 1,401,293 shares during the period. Amundi increased its holdings in Reddit by 2,060.5% in the 2nd quarter. Amundi now owns 1,307,231 shares of the company’s stock worth $208,294,000 after buying an additional 1,246,725 shares during the period. Finally, Invesco Ltd. lifted its stake in Reddit by 419.0% during the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock valued at $342,212,000 after acquiring an additional 1,201,237 shares during the period.

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.