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

Reddit Inc. (NYSE:RDDT) insider Benjamin Seong Lee sold 18,750 shares of the stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $240.00, for a total value of $4,500,000.00. Following the sale, the insider owned 62,608 shares of the company’s stock, valued at $15,025,920. This trade represents a 23.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

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 value of $12,167,656.05.
• On Monday, November 24th, Benjamin Seong Lee sold 6,427 shares of Reddit stock. The shares were sold at an average price of $192.68, for a total transaction of $1,238,354.36.

Reddit Stock Performance

Shares of Reddit stock traded up $4.34 during midday trading on Thursday, reaching $231.68. 6,026,875 shares of the company’s stock traded hands, compared to its average volume of 4,247,373. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95. The company’s 50 day simple moving average is $207.44 and its 200 day simple moving average is $194.00. The company has a market cap of $43.90 billion, a price-to-earnings ratio of 130.65, a price-to-earnings-growth ratio of 2.51 and a beta of 2.17.

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

Analyst Ratings Changes

Several analysts have recently commented on the stock. Zacks Research raised shares of Reddit from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 29th. Sanford C. Bernstein upped their price target on shares of Reddit from $190.00 to $210.00 and gave the company a “market perform” rating in a report on Friday, October 31st. B. Riley restated a “buy” rating and set a $245.00 price objective (up from $235.00) on shares of Reddit in a research note on Friday, October 31st. Morgan Stanley restated an “overweight” rating and set a $250.00 target price on shares of Reddit in a research note on Friday, October 31st. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $236.00 target price on shares of Reddit in a research report on Tuesday, October 14th. Three research 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 given a Sell rating to the company’s stock. According to data from MarketBeat, Reddit has an average rating of “Moderate Buy” and a consensus price target of $230.28.

Hedge Funds Weigh In On Reddit

Hedge funds have recently added to or reduced their stakes in the company. Raiffeisen Bank International AG bought a new stake in Reddit during the third quarter valued at approximately $25,000. GW&K Investment Management LLC bought a new position in shares of Reddit during the 3rd quarter valued at about $30,000. Cornerstone Planning Group LLC lifted its position in shares of Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after buying an additional 135 shares in the last quarter. Financial Perspectives Inc bought a new position in shares of Reddit in the 2nd quarter valued at about $34,000. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares during the period.

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.