Benjamin Seong Lee Sells 92,299 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the transaction, the insider now owns 115,001 shares in the company, valued at $18,095,407.35. This trade represents a 44.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Reddit Stock Down 11.0 %

RDDT opened at $134.14 on Friday. The stock has a market cap of $24.27 billion and a PE ratio of -17.35. The business has a 50 day moving average of $181.61 and a 200-day moving average of $130.47. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41.

Reddit (NYSE:RDDT) last released its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Equities analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

Several research firms recently issued reports on RDDT. JMP Securities raised their price target on Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 13th. Jefferies Financial Group raised their price target on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Bank of America raised their price target on Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Citigroup restated a “neutral” rating on shares of Reddit in a research report on Thursday, February 13th. Finally, Robert W. Baird raised their price target on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $175.95.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Concurrent Investment Advisors LLC purchased a new position in Reddit during the third quarter valued at $372,000. ARK Investment Management LLC raised its stake in Reddit by 120.5% during the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after buying an additional 192,785 shares during the last quarter. SpiderRock Advisors LLC purchased a new position in Reddit during the third quarter valued at $3,485,000. Objective Capital Management LLC purchased a new position in Reddit during the third quarter valued at $391,000. Finally, Proficio Capital Partners LLC purchased a new position in Reddit during the third quarter valued at $382,000.

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.