Reddit (NYSE:RDDT) Insider Benjamin Seong Lee Sells 18,750 Shares

Reddit Inc. (NYSE:RDDT) insider Benjamin Seong Lee sold 18,750 shares of the company’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $240.00, for a total transaction of $4,500,000.00. Following the transaction, the insider owned 62,608 shares of the company’s stock, valued at $15,025,920. This represents a 23.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

• 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.
• On Monday, November 24th, Benjamin Seong Lee sold 6,427 shares of Reddit stock. The stock was sold at an average price of $192.68, for a total value of $1,238,354.36.

Reddit Trading Up 1.9%

Shares of NYSE RDDT traded up $4.34 during trading hours on Thursday, reaching $231.68. The stock had a trading volume of 6,026,875 shares, compared to its average volume of 4,247,373. The firm has a 50-day moving average of $207.44 and a 200-day moving average of $194.00. The firm has a market cap of $43.90 billion, a price-to-earnings ratio of 130.65, a PEG ratio of 2.51 and a beta of 2.17. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, October 30th. The company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.30. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The company had revenue of $584.91 million for the quarter, compared to the consensus estimate of $546.65 million. During the same period in the previous year, the business earned $0.16 earnings per share. Reddit’s quarterly revenue was up 67.9% compared to the same quarter last year. On average, equities analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on RDDT shares. Cannonball Research reaffirmed a “buy” rating on shares of Reddit in a research report on Tuesday, September 23rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Reddit in a report on Friday, October 31st. Royal Bank Of Canada reissued a “sector perform” rating on shares of Reddit in a research note on Wednesday, October 1st. Bank of America raised their price target on shares of Reddit from $180.00 to $210.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Reddit in a research report on Monday. Three analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $230.28.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently bought and sold shares of the business. Alliancebernstein L.P. grew its position in Reddit by 103.0% during the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock valued at $593,733,000 after purchasing an additional 2,871,232 shares in the last quarter. Norges Bank acquired a new position in shares of Reddit in the second quarter worth $294,254,000. Vanguard Group Inc. increased its stake in shares of Reddit by 12.9% in the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after acquiring an additional 1,401,293 shares during the last quarter. Amundi raised its holdings in shares of Reddit by 2,060.5% during the second quarter. Amundi now owns 1,307,231 shares of the company’s stock worth $208,294,000 after acquiring an additional 1,246,725 shares in the last quarter. Finally, Invesco Ltd. boosted its position in Reddit by 419.0% during the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock valued at $342,212,000 after purchasing an additional 1,201,237 shares during the last quarter.

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.