Benjamin Seong Lee Sells 5,575 Shares of Reddit (NYSE:RDDT) Stock

Reddit Inc. (NYSE:RDDT) insider Benjamin Seong Lee sold 5,575 shares of the company’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $143.35, for a total transaction of $799,176.25. Following the sale, the insider directly owned 79,309 shares in the company, valued at $11,368,945.15. This trade represents a 6.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

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 value of $12,167,656.05.

Reddit Stock Down 0.3%

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

Reddit (NYSE:RDDT) 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. The company had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The company’s quarterly revenue was up 69.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.36 EPS. Equities research analysts expect that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Institutional Trading of Reddit

Institutional investors have recently made changes to their positions in the company. Huntington National Bank lifted its position in shares of Reddit by 25.6% during the third quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after purchasing an additional 55 shares in the last quarter. Institute for Wealth Management LLC. grew its position in Reddit by 6.1% in the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock worth $246,000 after purchasing an additional 62 shares in the last quarter. Roxbury Financial LLC grew its position in Reddit by 7.4% in the 4th quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after purchasing an additional 64 shares in the last quarter. Resona Asset Management Co. Ltd. increased its stake in Reddit by 0.3% in the 2nd quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company’s stock valued at $3,023,000 after buying an additional 65 shares during the last quarter. Finally, AdvisorNet Financial Inc lifted its position in shares of Reddit by 2.8% during the 3rd quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock worth $567,000 after buying an additional 66 shares in the last quarter.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Guggenheim lifted their price target on shares of Reddit from $245.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, February 6th. JPMorgan Chase & Co. decreased their target price on Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Morgan Stanley set a $240.00 price target on Reddit in a research note on Friday, February 6th. Needham & Company LLC reissued a “buy” rating and issued a $300.00 price objective on shares of Reddit in a research note on Friday, February 6th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $285.00 price objective on shares of Reddit in a report on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $238.78.

Reddit Company Profile

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.