Insider Selling: Reddit (NYSE:RDDT) Insider Sells 5,575 Shares of Stock

by · The Cerbat Gem

Reddit Inc. (NYSE:RDDT – Get Free Report) insider Benjamin Seong Lee sold 5,575 shares of the stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $143.35, for a total value of $799,176.25. Following the sale, the insider directly owned 79,309 shares of the company’s stock, valued at $11,368,945.15. The trade was a 6.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through 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 value of $7,264,034.40.
  • On Friday, January 9th, Benjamin Seong Lee sold 3,320 shares of Reddit stock. The shares were 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 stock was sold at an average price of $221.21, for a total transaction of $12,167,656.05.

Reddit Stock Down 0.3%

RDDT traded down $0.42 during trading on Tuesday, hitting $142.04. 4,005,217 shares of the company traded hands, compared to its average volume of 7,242,083. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95. The stock’s fifty day moving average is $200.71 and its 200 day moving average is $212.63. The firm has a market cap of $27.14 billion, a P/E ratio of 54.21, a price-to-earnings-growth ratio of 1.06 and a beta of 2.17.

Reddit (NYSE:RDDT – Get Free Report) last announced its quarterly earnings data on Thursday, February 5th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The business had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. During the same quarter in the previous year, the firm posted $0.36 earnings per share. The company’s revenue for the quarter was up 69.7% on a year-over-year basis. On average, equities research analysts forecast that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Reddit

A number of institutional investors have recently added to or reduced their stakes in RDDT. Vanguard Group Inc. raised its position in Reddit by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock worth $3,062,339,000 after purchasing an additional 1,083,540 shares during the period. Capital World Investors bought a new stake in Reddit during the 4th quarter valued at approximately $1,293,258,000. State Street Corp grew its stake in Reddit by 6.0% in the fourth quarter. State Street Corp now owns 2,631,332 shares of the company’s stock worth $604,864,000 after purchasing an additional 149,401 shares during the period. Geode Capital Management LLC increased its stake in shares of Reddit by 4.7% in the 4th quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company’s stock worth $546,789,000 after acquiring an additional 106,821 shares in the last quarter. Finally, Morgan Stanley lifted its holdings in shares of Reddit by 11.4% during the fourth quarter. Morgan Stanley now owns 2,372,443 shares of the company’s stock valued at $545,354,000 after purchasing an additional 242,709 shares during the last quarter.

Analysts Set New Price Targets

Several brokerages have weighed in on RDDT. Bank of America increased their price objective on Reddit from $180.00 to $210.00 and gave the company a “neutral” rating in a report on Friday, October 31st. The Goldman Sachs Group cut their price target on Reddit from $236.00 to $206.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. Oppenheimer decreased their price objective on Reddit from $300.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, February 6th. Morgan Stanley set a $240.00 price objective on shares of Reddit in a report on Friday, February 6th. Finally, Robert W. Baird set a $200.00 target price on shares of Reddit in a research report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $238.78.

Check Out Our Latest Research Report on Reddit

Reddit Company Profile

(Get Free Report)

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.

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