Insider Selling: Reddit (NYSE:RDDT) Insider Sells $799,176.25 in Stock

Reddit Inc. (NYSE:RDDT) insider Benjamin Seong Lee sold 5,575 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $143.35, for a total transaction of $799,176.25. Following the sale, the insider directly owned 79,309 shares of the company’s stock, valued at approximately $11,368,945.15. The trade was a 6.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

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

• On Wednesday, January 7th, Benjamin Seong Lee sold 27,930 shares of Reddit stock. The stock was sold at an average price of $260.08, for a total transaction of $7,264,034.40.
• On Friday, January 9th, Benjamin Seong Lee sold 3,320 shares of Reddit stock. The stock was sold at an average price of $260.22, for a total value of $863,930.40.
• 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 value of $4,500,000.00.
• On Tuesday, December 16th, Benjamin Seong Lee sold 55,005 shares of Reddit stock. The shares were sold at an average price of $221.21, for a total transaction of $12,167,656.05.

Reddit Trading Up 0.9%

Reddit stock opened at $150.98 on Friday. The firm has a market capitalization of $28.84 billion, a P/E ratio of 57.63, a PEG ratio of 1.11 and a beta of 2.17. The business has a 50-day moving average of $197.55 and a 200-day moving average of $211.77. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.28. The company had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm’s revenue was up 69.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.36 earnings per share. Research analysts anticipate that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Truist Financial upped their target price on shares of Reddit from $270.00 to $275.00 and gave the company a “buy” rating in a report on Friday, February 6th. Needham & Company LLC reissued a “buy” rating and set a $300.00 price target on shares of Reddit in a research report on Friday, February 6th. Citigroup upped their price objective on Reddit from $250.00 to $265.00 and gave the company a “buy” rating in a research note on Monday, November 3rd. Evercore reiterated an “outperform” rating and set a $290.00 target price on shares of Reddit in a research note on Friday, February 6th. Finally, Argus set a $300.00 target price on Reddit in a report on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $238.78.

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently bought and sold shares of the company. Huntington National Bank raised its position in shares of Reddit by 25.6% in the 3rd quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after buying an additional 55 shares in the last quarter. Institute for Wealth Management LLC. increased its stake in Reddit by 6.1% in the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock valued at $246,000 after acquiring an additional 62 shares during the last quarter. Roxbury Financial LLC raised its position in Reddit by 7.4% during the fourth quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock valued at $214,000 after purchasing an additional 64 shares in the last quarter. Resona Asset Management Co. Ltd. raised its position in Reddit by 0.3% during the second quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company’s stock valued at $3,023,000 after purchasing an additional 65 shares in the last quarter. Finally, AdvisorNet Financial Inc lifted its stake in Reddit by 2.8% during the third quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock worth $567,000 after purchasing an additional 66 shares during the last quarter.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.