Insider Selling: Reddit, Inc. (NYSE:RDDT) Insider Sells 18,519 Shares of Stock

Reddit, Inc. (NYSE:RDDT) insider Benjamin Seong Lee sold 18,519 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the sale, the insider now owns 138,401 shares of the company’s stock, valued at approximately $20,214,850.06. This represents a 11.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Reddit Trading Down 7.2 %

Reddit stock opened at $146.63 on Friday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $158.49. The firm’s 50 day moving average price is $92.06 and its 200-day moving average price is $71.24.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. On average, equities analysts forecast that Reddit, Inc. will post -3.63 EPS for the current year.

Hedge Funds Weigh In On Reddit

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RDDT. BNP Paribas Financial Markets purchased a new stake in shares of Reddit during the 1st quarter worth approximately $37,000. Whittier Trust Co. bought a new stake in Reddit in the third quarter worth $42,000. SOA Wealth Advisors LLC. purchased a new stake in Reddit during the second quarter valued at $78,000. Sandia Investment Management LP bought a new position in Reddit during the first quarter valued at $79,000. Finally, Daiwa Securities Group Inc. purchased a new position in shares of Reddit in the 3rd quarter worth $85,000.

Wall Street Analyst Weigh In

RDDT has been the subject of a number of research reports. Bank of America upped their price objective on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Loop Capital upped their price target on shares of Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. raised their price objective on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. JMP Securities upped their target price on shares of Reddit from $84.00 to $118.00 and gave the company a “market outperform” rating in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group increased their price target on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.67.

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.