Reddit, Inc. (NYSE:RDDT) Insider Benjamin Seong Lee Sells 45,807 Shares

Reddit, Inc. (NYSE:RDDT) insider Benjamin Seong Lee sold 45,807 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total transaction of $2,473,119.93. Following the sale, the insider now directly owns 194,473 shares of the company’s stock, valued at approximately $10,499,597.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Thursday, August 22nd, Benjamin Seong Lee sold 18,519 shares of Reddit stock. The stock was sold at an average price of $56.32, for a total value of $1,042,990.08.

Reddit Stock Performance

RDDT opened at $56.43 on Friday. Reddit, Inc. has a one year low of $37.35 and a one year high of $78.08. The firm has a 50 day simple moving average of $62.13.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.25. The business had revenue of $281.20 million during the quarter, compared to analyst estimates of $253.86 million. The business’s revenue for the quarter was up 53.6% on a year-over-year basis. During the same period last year, the company earned ($0.70) EPS. As a group, analysts anticipate that Reddit, Inc. will post -4.17 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Robert W. Baird raised their target price on Reddit from $50.00 to $59.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Citigroup raised their price objective on Reddit from $65.00 to $70.00 and gave the company a “buy” rating in a report on Friday, May 17th. Roth Mkm dropped their target price on shares of Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Reddit from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Finally, Needham & Company LLC restated a “buy” rating and set a $75.00 price target on shares of Reddit in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average price target of $65.56.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Global Retirement Partners LLC acquired a new stake in shares of Reddit in the first quarter valued at $27,000. BNP Paribas Financial Markets acquired a new position in Reddit in the 1st quarter valued at about $37,000. ANTIPODES PARTNERS Ltd purchased a new stake in Reddit during the first quarter worth about $63,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Reddit during the second quarter worth about $78,000. Finally, Sandia Investment Management LP purchased a new position in shares of Reddit in the first quarter valued at approximately $79,000.

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.