Insider Selling: Reddit, Inc. (NYSE:RDDT) Insider Sells $2,473,119.93 in Stock

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

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 Up 4.9 %

Shares of Reddit stock opened at $59.21 on Friday. The firm’s 50 day moving average price is $62.09. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $78.08.

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

Analysts Set New Price Targets

A number of brokerages have recently commented on RDDT. Needham & Company LLC restated a “buy” rating and issued a $75.00 target price on shares of Reddit in a research note on Thursday, August 8th. Morgan Stanley upped their price objective on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Piper Sandler lifted their target price on shares of Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Robert W. Baird increased their price target on shares of Reddit from $50.00 to $59.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Finally, Cannonball Research assumed coverage on shares of Reddit in a report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $65.56.

Hedge Funds Weigh In On Reddit

Hedge funds have recently made changes to their positions in the company. Global Retirement Partners LLC purchased a new stake in shares of Reddit in the first quarter valued at approximately $27,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit in the first quarter valued at approximately $37,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Reddit in the first quarter valued at approximately $63,000. SOA Wealth Advisors LLC. purchased a new stake in shares of Reddit in the second quarter valued at approximately $78,000. Finally, Sandia Investment Management LP purchased a new stake 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.