Key Points
- Benjamin Seong Lee sold 55,005 Reddit shares on Dec. 16 at an average $221.21 for about $12.17M, trimming his position ~46.8%; he also sold 18,750 shares on Dec. 18 and 6,427 on Nov. 24 in recent transactions.
- Company snapshot: Reddit shares traded around $231.68 (up 1.9%), with a market cap of ~$43.9B and a P/E of 133, after reporting a strong quarter (EPS $0.80 vs $0.50 estimate and revenue +67.9% YoY); analysts' consensus is a "Moderate Buy" with a $230.28 target.
Reddit Inc. (NYSE:RDDT - Get Free Report) insider Benjamin Seong Lee sold 18,750 shares of the stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $240.00, for a total transaction of $4,500,000.00. Following the completion of the sale, the insider owned 62,608 shares of the company's stock, valued at approximately $15,025,920. The trade was a 23.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
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 transaction of $12,167,656.05.
- On Monday, November 24th, Benjamin Seong Lee sold 6,427 shares of Reddit stock. The stock was sold at an average price of $192.68, for a total transaction of $1,238,354.36.
Reddit Trading Up 1.9%
RDDT opened at $231.68 on Friday. The stock has a market cap of $43.90 billion, a price-to-earnings ratio of 133.15, a PEG ratio of 2.51 and a beta of 2.17. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95. The stock has a fifty day moving average price of $207.84 and a 200 day moving average price of $194.26.
Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.30. The company had revenue of $584.91 million for the quarter, compared to analyst estimates of $546.65 million. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The business's revenue was up 67.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.16 EPS. As a group, sell-side analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of research firms have recently weighed in on RDDT. Jefferies Financial Group raised their price target on shares of Reddit from $300.00 to $325.00 and gave the company a "buy" rating in a report on Thursday, December 11th. China Renaissance initiated coverage on Reddit in a report on Tuesday, December 9th. They set a "buy" rating and a $300.00 target price on the stock. Bank of America boosted their price target on Reddit from $180.00 to $210.00 and gave the stock a "neutral" rating in a research report on Friday, October 31st. B. Riley reissued a "buy" rating and set a $245.00 price objective (up previously from $235.00) on shares of Reddit in a report on Friday, October 31st. Finally, Robert W. Baird raised their price objective on Reddit from $177.00 to $240.00 and gave the company a "neutral" rating in a research note on Thursday, September 25th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Reddit has a consensus rating of "Moderate Buy" and an average price target of $230.28.
Check Out Our Latest Analysis on RDDT
Institutional Trading of Reddit
Hedge funds have recently added to or reduced their stakes in the business. Raiffeisen Bank International AG acquired a new position in shares of Reddit during the third quarter worth approximately $25,000. GW&K Investment Management LLC bought a new position in Reddit during the third quarter worth $30,000. Cornerstone Planning Group LLC increased its position in Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company's stock worth $31,000 after acquiring an additional 135 shares during the period. Financial Perspectives Inc bought a new stake in Reddit in the 2nd quarter valued at $34,000. Finally, Geneos Wealth Management Inc. boosted its holdings in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock valued at $39,000 after purchasing an additional 286 shares during the period.
About Reddit
(
Get Free Report)
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.
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