Reddit, Inc. (NYSE:RDDT – Get Free Report) insider Benjamin Seong Lee sold 18,519 shares of the company’s stock in a transaction on Thursday, August 22. The shares were sold at an average price of $56.32, for a total transaction of $1,042,990.08. Following the sale, the insider now directly owns 175,954 shares of the company’s stock, valued at approximately $9,909,729.28. The sale was disclosed in a legal filing with the SEC, which is available on the SEC website.

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

• On Tuesday, August 20, Benjamin Seong Lee sold 45,807 shares of Reddit stock. The shares were sold at an average price of $53.99, for a total value of $2,473,119.93.

Reddit Price Performance

Shares of RDDT opened at $56.43 on Friday. The company’s 50-day moving average price is $62.13. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $78.08.

Reddit (NYSE:RDDT – Get Free Report) last released its earnings results on Tuesday, August 6. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. The company’s quarterly revenue increased 53.6% from the year-ago quarter. During the same quarter last year, the company earned ($0.70) EPS. Equities research analysts expect Reddit, Inc. to post -4.17 EPS for the current fiscal year.

Institutional investors weigh in on Reddit

Hedge funds have recently made changes to their positions in the company. Global Retirement Partners LLC purchased a new position in shares of Reddit during the 1st quarter worth $27,000. BNP Paribas Financial Markets purchased a new position in shares of Reddit during the 1st quarter worth approximately $37,000. SOA Wealth Advisors LLC. purchased a new position in shares of Reddit during the 2nd quarter worth approximately $78,000. ANTIPODES PARTNERS Ltd. purchased a new stake in shares of Reddit during the 1st quarter worth approximately $63,000. Finally, UMB Bank purchased a new stake in Reddit during the 2nd quarter worth approximately $88,000.

Analyst Upgrades and Downgrades

Several brokerages have commented on RDDT. Roth Mkm lowered their price target on Reddit from $67.00 to $66.00 and set a “buy” rating on the company in a report on Wednesday, August 7th. Citigroup increased their price target on shares of Reddit from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Cannonball Research initiated coverage on shares of Reddit in a research note on Tuesday, August 6th. They gave the stock a “buy” rating and a $67.00 price target. The Goldman Sachs Group increased their price target on shares of Reddit from $40.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, May 9th. Finally, Loop Capital raised shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 price target in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Reddit has an average rating of “Moderate Buy” and a consensus price target of $65.56.

Check out our latest stock analysis on Reddit

About Reddit

(Get free report)

Reddit, Inc. operates a website that organizes digital communities. It organizes communities based on specific interests that allow users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and commenting on each other. The company was founded in 2005 and is headquartered in San Francisco, California.

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