Reddit, Inc.’s Lock-Up Period Will Expire on September 17th (NYSE:RDDT)

Reddit’s (NYSE:RDDT) lock-up period will end on Tuesday, September 17th. Reddit had issued 22,000,000 shares in its initial public offering on March 21st. The total size of the offering was $748,000,000 based on an initial share price of $34.00. After the expiration of Reddit’s lock-up period, major shareholders and company insiders will be able to sell their shares of the company.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on RDDT shares. Loop Capital raised Reddit from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Thursday, August 1st. Cannonball Research started coverage on shares of Reddit in a report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective on the stock. JPMorgan Chase & Co. cut their target price on shares of Reddit from $67.00 to $59.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Roth Mkm decreased their price target on shares of Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, Bank of America raised their price objective on shares of Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. One investment 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. Based on data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.56.

Reddit Stock Down 0.9 %

Shares of NYSE:RDDT opened at $59.09 on Friday. The firm has a 50 day moving average price of $60.30. Reddit has a 12 month low of $37.35 and a 12 month high of $78.08.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.25. The business had revenue of $281.20 million for the quarter, compared to the consensus estimate of $253.86 million. The firm’s revenue for the quarter was up 53.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.70) earnings per share. As a group, research analysts expect that Reddit will post -4.17 EPS for the current year.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 6,714 shares of Reddit stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $59.84, for a total value of $401,765.76. Following the transaction, the chief executive officer now owns 658,352 shares in the company, valued at $39,395,783.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CAO Michelle Marie Reynolds sold 8,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $60.00, for a total value of $480,000.00. Following the completion of the transaction, the chief accounting officer now owns 66,238 shares of the company’s stock, valued at approximately $3,974,280. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 6,714 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $59.84, for a total transaction of $401,765.76. Following the completion of the sale, the chief executive officer now owns 658,352 shares in the company, valued at approximately $39,395,783.68. The disclosure for this sale can be found here. Insiders sold a total of 204,373 shares of company stock worth $11,095,284 in the last ninety days.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Global Retirement Partners LLC bought a new stake in Reddit during the 1st quarter worth $27,000. BNP Paribas Financial Markets acquired a new position in shares of Reddit in the first quarter valued at approximately $37,000. ANTIPODES PARTNERS Ltd bought a new position in Reddit in the 1st quarter valued at approximately $63,000. SOA Wealth Advisors LLC. bought a new position in shares of Reddit during the second quarter valued at $78,000. Finally, Sandia Investment Management LP acquired a new stake in Reddit during the 1st quarter valued at approximately $79,000.

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.