Reddit (RDDT) Soars 12% on Bargain-Hunting, Key Execs Dispose of Shares

We recently published 10 Stocks Boasting 10-42% Gains. Reddit Inc. (NYSE:RDDT) is one of the best-performing stocks on Tuesday.

Reddit extended its rally to a third consecutive day on Tuesday, jumping 12.04 percent to close at $218.48 apiece as investors resorted to bargain-hunting following last week’s disposition of shares by none other than its key executives.

In separate regulatory filings last week, Reddit Inc. (NYSE:RDDT) said its president and CEO, Steve Huffman; Chief Finance Officer Andrew Vollero; Chief Accounting Officer Michelle Marie Reynolds; Chief Legal Officer Benjamin Seong Lee; Chief Operating Officer Jennifer Wong; and Chief Technology Officer Christopher Brian Slowe, all disposed significant shares in the company.

Photo by Mohamed Hadji on Unsplash

Huffman alone sold $7.56 million worth of shares, while Vollero disposed of $3.69 million.

Reynolds booked $1.17 million, Lee sold $3 million, Wong disposed of $19 million, and Slowe booked $7.4 million.

In other recent news, Reddit Inc. (NYSE:RDDT) saw its net income expand by 443 percent to $163 million from $30 million in the same period last year. Revenues jumped by 68 percent to $585 million from $348 million year-on-year, on the back of a 74 percent jump in advertising revenues at $549 million, and other revenues, which increased by 7 percent to $36 million.

Looking ahead, Reddit Inc. (NYSE:RDDT) is targeting revenues for the fourth quarter at a range of $655 million and $665 million.

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Disclosure: None. This article is originally published at Insider Monkey.