Insider Selling: Reddit (NYSE:RDDT) Director Sells $820,069.76 in Stock

Reddit Inc. (NYSE:RDDT) Director Robert Sauerberg sold 5,128 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $159.92, for a total value of $820,069.76. Following the transaction, the director owned 27,087 shares of the company’s stock, valued at approximately $4,331,753.04. This represents a 15.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Reddit Stock Down 0.9%

Shares of RDDT stock opened at $152.63 on Friday. The firm has a market capitalization of $29.37 billion, a price-to-earnings ratio of 35.50, a PEG ratio of 0.51 and a beta of 2.03. The stock has a fifty day moving average of $171.76 and a 200 day moving average of $158.39. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, July 30th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.30. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The business had revenue of $804.91 million for the quarter, compared to the consensus estimate of $731.00 million. During the same period in the previous year, the firm earned $0.45 EPS. The company’s quarterly revenue was up 61.0% compared to the same quarter last year. Equities research analysts anticipate that Reddit Inc. will post 5.27 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on RDDT shares. Roth Capital restated a “neutral” rating and issued a $145.00 price objective on shares of Reddit in a report on Monday, August 3rd. Wedbush reduced their target price on Reddit from $250.00 to $221.00 and set an “outperform” rating on the stock in a report on Friday, July 31st. Morgan Stanley decreased their target price on Reddit from $240.00 to $210.00 and set an “overweight” rating for the company in a research report on Friday, August 21st. Robert W. Baird set a $185.00 target price on Reddit in a research note on Friday, July 31st. Finally, Oppenheimer dropped their price target on Reddit from $225.00 to $200.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and an average price target of $221.10.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently bought and sold shares of RDDT. Truist Financial Corp increased its holdings in Reddit by 67.7% in the 4th quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock worth $3,600,000 after buying an additional 6,321 shares in the last quarter. Swiss Life Asset Management Ltd increased its stake in shares of Reddit by 63.2% in the 4th quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock worth $7,357,000 after purchasing an additional 12,398 shares in the last quarter. Handelsbanken Fonder AB increased its position in Reddit by 22.9% in the fourth quarter. Handelsbanken Fonder AB now owns 37,000 shares of the company’s stock worth $8,505,000 after buying an additional 6,900 shares in the last quarter. Berkshire Capital Holdings Inc. raised its stake in Reddit by 326,400.0% during the 4th quarter. Berkshire Capital Holdings Inc. now owns 32,650 shares of the company’s stock worth $7,505,000 after acquiring an additional 32,640 shares during the period. Finally, Norges Bank bought a new stake in shares of Reddit during the 4th quarter valued at $372,047,000.

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.