Reddit, Inc. (NYSE:RDDT) Insider Sells $14,523,247.65 in Stock

Reddit, Inc. (NYSE:RDDT - Get Free Report) insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the transaction, the insider now directly owns 115,001 shares of the company's stock, valued at $18,095,407.35. This represents a 44.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Reddit Trading Down 11.0 %

Shares of Reddit stock traded down $16.58 on Friday, hitting $134.14. 13,824,222 shares of the company traded hands, compared to its average volume of 5,478,177. The firm's 50-day simple moving average is $181.61 and its 200 day simple moving average is $131.51. The company has a market cap of $24.27 billion and a P/E ratio of -17.35. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

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Analyst Upgrades and Downgrades

RDDT has been the subject of several analyst reports. Roth Capital downgraded shares of Reddit from a "strong-buy" rating to a "hold" rating in a report on Wednesday, January 22nd. Morgan Stanley raised their price objective on shares of Reddit from $200.00 to $210.00 and gave the stock an "overweight" rating in a report on Thursday, February 13th. Piper Sandler raised their price objective on shares of Reddit from $210.00 to $220.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Roth Mkm downgraded shares of Reddit from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. Finally, Raymond James raised their price objective on shares of Reddit from $200.00 to $250.00 and gave the stock a "strong-buy" rating in a report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $175.95.

Institutional Trading of Reddit

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Ridgewood Investments LLC raised its position in shares of Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after buying an additional 100 shares in the last quarter. Proficio Capital Partners LLC raised its position in Reddit by 2.1% in the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after purchasing an additional 120 shares during the period. Farther Finance Advisors LLC raised its position in Reddit by 148.5% in the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after purchasing an additional 147 shares during the period. UMB Bank n.a. raised its position in Reddit by 10.8% in the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock worth $251,000 after purchasing an additional 150 shares during the period. Finally, Foundations Investment Advisors LLC raised its position in Reddit by 3.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock worth $870,000 after purchasing an additional 155 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.